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花旗:險資成南向抄底港股主力 料增加權益類投資
格隆匯 03-23 13:52

花旗發表報告表示,注重長期投資的中資保險資金佔近期南向資金的大部分,並青睞國內互聯網和銀行等上市公司股票,因H股估值不貴,同時基金經理們判斷國內疫情不利影響將逐步緩解。

報告指出,上週南向投資港股資金升至歷史最高,根據渠道監測國內險資是購買主力,H股價格便宜,恆指和國指年初至今下跌19%,市盈率相對低於過去10年的歷史均值。另外,大型中國互聯網公司、銀行和科技公司最受險資青睞,他們偏好H股而不是A股的優質股票,以及H股估值較A股有折讓的中國大型銀行股票,如建設銀行及工商銀行。

報告認為,中國保險公司的股票投資佔比較低,港股四家保險公司去年平均投資額僅佔上市公司的6.5%,預計這些公司近期或會積極購買A股和H股股票,股市大跌提供更具吸引力的買點。保險公司股權資產投資佔比上限為30%,包括上市和非上市資產,去年行業已使用22.64%,較監管上限降低7.36個百分點,因此仍有上升空間。

花旗推薦港股上市標的包括騰訊(0700.HK)、中國生物製藥(1177.HK)、高鑫零售(6808.HK)、海螺水泥(0914.HK)、中國鐵建(0390.HK)、新奧能源(2688.HK)。

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