汇丰：新兴市场股票策略研究：GEMs 股票持仓：聚焦 DeepSeek 淡化关税扰动 - 250311（英文版）（26页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Securities(USA)Inc.View HSBC Global Research at:https:/ 25-27 March 2025Find out moreHSBC Global Invest

2、ment Summit GEMs funds struggling to reduce underweight exposure to mainland China amid DeepSeek-induced rally Funds stay put in Mexico despite tariff noise but there are signs of rotation within the underlying market Preference for UAE vs Saudi continues We update our proprietary positioning data o

3、f nearly 300 active global emerging markets(GEMs)funds with combined assets under management of USD560bn.The key takeaways for February include:GEMs funds position for DeepSeek:The active underweight in mainland China grew further in February to-290bp(vs-260bp in January),as mainland Chinas equity m

4、arket surged more quickly than GEMs funds were able to deploy new capital.However,the launch of DeepSeek saw more funds try to gain exposure to AI-related names:for example,in February the stocks which saw some of the largest increases in fund ownership included Meituan(+3.4ppts),Kingsoft(+2ppts),T(

5、+1.9ppts),Xiaomi(+1.3ppts),and Alibaba(+1.3ppts).Some of this rotation was funded within mainland China,and specifically by stocks with high US revenue exposure,with PDD and Topsports International seeing the largest declines in fund ownership(-2.2ppts).It also appears to be funded by a further decl

6、ine in ownership in lagging tech names such as Samsung Electronics(GEMs fund ownership declined 2ppts).Funds stay put in Mexico despite tariff noise:While overall positioning in Mexico remained somewhat flat in February(+60bp overweight)despite the flurry of tariff headlines,we did see rotations wit