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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機-行業數據

圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機
圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機
國際環境的變化也助推著資本涌向美國：“ 俄烏沖突”籠罩下的歐洲、對貨幣政策正?；t疑的日本也助推了資金向美元資產的集中（2024 年 7 月因日元套息交易平倉而引發的美國科技股大跌即是對此線索的逆向驗證）。
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第1頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第2頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第3頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第4頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第5頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第6頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第7頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第8頁
圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第9頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第10頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第11頁
圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第12頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第13頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第14頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第15頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第16頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第17頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第18頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第19頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第20頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第21頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第22頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第23頁
圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第24頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第25頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第26頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第27頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第28頁
圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第29頁
圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第30頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第31頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第32頁
圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第33頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第34頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第35頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第36頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第37頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第38頁
圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第39頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第40頁
圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第41頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第42頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第43頁
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圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第44頁
圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第45頁
圖4、宏觀層面，2022年后中國跨境金融賬戶持續表現為凈流出；微觀層面，以中芯國際為例，外資機_第46頁
所屬報告： 2025中國敘事：敢教日月換新天-250327（42頁）.pdf
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