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《大行报告》中信建投升港交所(00388.HK)目标价至622元 料港股「连水换鱼」效应加速
阿思达克 02-02 14:52
中信建投发表报告表示,在基准情形下,据2020年底香港主板市值为47.5万亿港元,综合考虑新经济巨头赴港上市节奏的加速以及整体香港市场景气度的抬升,给予2021年香港平均市值预测为55万亿港元,换手率相对2020年提升20%(仍显着低於2015年的水平),该行预计港股今年的日均成交额为1,980亿元。

该行上调对港交所目标价至622元,相当於今明两年预测市盈率50倍及45倍。

中信建投料2021年不一样的地方,在於港股南下资金於日均成交占比已经显着提升,新经济巨头活跃的持续性较强。该行指港股於2015年第二季度,南下日均成交额仅占比仅为2.2%,2018年首季度,南下ADT占比有所提升,但仍只有6.8%。2021年1月,南下日均成交占比已达到14.2%,对市场的影响程度显着提升。

中信建投指,港股「连水换鱼」效益加速显现,指互联互通进一步扩大,北上成交及南下成交均呈现放大趋势,特别是是内地资金南下今年1月累计净买入已达到3,106亿元(对比2020年全年为6,721亿元),平均每日净买入为155.3亿港元(2020年平均为29.7亿港元),主要是由於新发基金发行「火爆」,且可配置港股的基金显着增多;第二是资金寻求「更高性价比」资产。从总量角度看,北上南下均有巨大提升空间,目前外资A股占比仅为2.78%,显着低於亚太主流股市,港股通累计净买入仅为2万亿元,占港交所主板整体市值仅为4%。

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