《大行报告》汇丰料今年港股南向资金流入或扩至8,000亿人币增32% 列出内地互惠基金十大持股
汇丰研究发表报告，指随着内地互惠基金行业蓬勃发展，内地投资者正涌向估值较便直的港股市场。在乐观情境下，今年首季南向资金流入料达3,500亿元人民币(下同)，相当於去年末季港股累计股票交易总额(约6.8万亿元)的5.1%；全年料达8,000亿元(相当於按年增32%)，专注於稀有性及具价值股份。
报告称，去年是内地互惠基金行业史上最佳一年，新发行规模逾3万亿元。趋势亦持续至今年1月，料首季再有139只基金出台，集资最多7,000亿元。该等基金可透过股票通将最多50%资金投入港股。
汇丰称，在2015至2016年，亦曾出现内地资金大举进军港股。不过，今次南下资金来源有别，当年属未受监管及高杠杆游资炒作，但是次属2015年中股灾後经监管收紧的资金流入。由去年至今，内地股票互惠基金属主要推手，背後的散户杠杆程度有限。该行并料南向资金持续流入，投资者在人口老化及海外股票投资较少的情况下，拨出更多资金作退休投资。不过，流入速度或较2015至2016年为温和，否则或引发潜在监管行动。
报告解释，内地资金以稀有性及价值为投资主题。稀有性意味互联网及创新药企，因为在内地较罕有。价值投资方面，港股估值较A股低水，南向资金集中流向被大幅低估的企业。资金亦向受美国制裁忧虑及当地被退市所影响的本港挂牌中资企业「捞底」。举例，南向资金瞄准了在美国被退市的三大中资电讯商。
汇丰进一步称，搜出参与港股投资的内地十大互惠基金的十大持股(以市值计)，包括腾讯(00700.HK)、美团(03690.HK)、港交所(00388.HK)、小米(01810.HK)、安踏(02020.HK)、颐海国际(01579.HK)、比亚迪(01211.HK)、药明生物(02269.HK)、思摩尔(06969.HK)、申洲国际(02313.HK)。
该行亦列出过去一个月南向资金流入最多的十大港股，包括腾讯、中移动(00941.HK)、中海油(00883.HK)、中芯国际(00981.HK)、美团、小米、港交所、思摩尔、中电信(00728.HK)及联通(00762.HK)。
汇丰进一步列出南向资金持仓最重十大港股，包括腾讯、建行(00939.HK)、美团、工行(01398.HK)、小米、汇控(00005.HK)、中移动、中芯、港交所及舜宇(02382.HK)。详见另表。
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