本报告为摩根士丹利中国股票策略团队发布的2026年9月中国内地与香港股票资金流向及仓位月度追踪。外资基金9月录得约18亿美元净流出，逆转此前连续两个月的净流入，主要受主动型基金流出15亿美元及被动型基金流出2亿美元拖累；前三季度累计流入降至71亿美元，约为去年同期的6倍。仓位方面，全球基金对中国维持1.0个百分点低配，新兴市场基金对中国的低配扩大至2.6个百分点，亚洲（除日本）基金对中国超配收窄至2.2个百分点。南向资金净流入9月回升至77亿美元（8月为13亿美元），前三季度累计约560亿美元，约为去年同期流入的38%。A股流动性仍显低迷，以沪深300 ETF代理的“国家队”资金转为小幅净流入12亿美元；散户小单日均净流入由8月的105亿元小幅回升至118亿元，仍处历史低位，两融余额小幅回落。板块上，主动基金增配银行与传媒娱乐，减持资本品与材料；
Foreign-domiciled US and European funds recorded approximately US$1.8bn in net outflows in September, reversing two consecutive months of net inflows, driven primarily by US$1.5bn in active fund outflows alongside US$0.2bn in passive fund outflows. On a cumulative basis, foreign fund inflows decreased to US$7.1bn in 9M26, representing 6x of 9M25 inflows. China positioning continued to be trimmed slightly: Global funds maintained China UW as 1.0ppt, EM funds increased China UW to 2.6ppt UW, and AxJ funds reduced to a 2.2ppt OW in China. Southbound net inflows increased to US$7.7bn in September from US$1.3bn in August, with cumulative inflows reaching approximately US$56bn in 9M26, equivalent to around 38% of 9M25 inflows. A-share liquidity remained subdued: National Team ETF flows, proxied by CSI 300 ETF flows, returned to a small net inflow of US$1.2bn; daily average small-order net inflows rebounded modestly to Rmb11.8bn from Rmb10.5bn in August but remained at a relatively low level;