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2021年1月至今年3月，MSCI中国指数下跌55%1，但5月初以来，指数已经反弹13%2。如图所示，中国A股市场的累计外资流入已经为正，达40亿美元。正如我们在 2022 年年中展望中所说，我们认为中国经济在 2022 年第二季度或已到达底部，稳增长、促经济的政策利好中国 A 股市场。