植耀辉: 港股续拉锯 未宜进取
耀才证券研究部总监植耀辉称，若要数近期强势之板块，医疗股必然是其中之一，皆因印度疫情大爆发，疫苗股随即再次成为受追捧对象。不过笔者过往其实甚少推介相关股份，皆因对生物医药并没有太多概念，亦不认识相关生物技术，所以亦难作出推介。事实上，在笔者之认知中，较易掌握可能是从事CRO/CDMO等之药明生物(02269.HK)及康龙化成(03759.HK)。而且医药股有一些风险仍值得大家留意，近期美国一间生物科技公司INOVIO(INO.US)的遭遇便可视为参考。
INOVIO主要从事治疗癌症、传染病合成疫苗及免疫疗法之研发。跟大部分医药公司一样，集团去年亦有研发新冠病毒疫苗，现时亦有望进入第三阶段疫苗试验工作。然而就在此时，美国国防部宣布将停止作出资助，理由是由於众多疫苗已广泛上市，加上当地疫情环境有所变化(拜登政府100天内接种1亿剂疫苗目标已提前达到)。消息一出其股价马上受压，上周五(23日)股价即时大跌25%至6.85美元，而由2月12日高位计(14.22美元)，累计跌幅亦近五成。
INOVIO的情况，相信亦是不少药企面对之问题。随着不少市民开始接种疫苗，尚在处於研发阶段之药企处境便变得相当尴尬，皆因已被其他药企抢「头啖汤」，而且如此刻中止研发的话，早前投入恐付诸流水，继续研发除资金投放外，还是研发完成却无用武之地。当然，笔者相信可见将来，还会有更多新药推出，效用只会更好，但自问没有能力去判断哪一间公司最好，所以如果有兴趣投资生物医药股，花点时间做功课在所难免矣!
最後亦要谈谈港股最新状况。恒指过去一个星期颇「闷」，虽然不乏消息，但大市基本上处於窄幅上落，照现时情况，恐怕要待内地长假期後结束後才有较明确方向；不过踏入所谓「五穷月」，港股亦不见得乐观，皆因若统计过去10年港股5月表现，基本上有8年录得跌幅，而且以当前投资环境而言，亦难见有正面催化剂，反而一旦气氛进一步转弱，港股向下跌破28,400点关键位的机会相当高，所以投资者现阶段还不宜进取矣!
(笔者为证监会持牌人，并未持有相关股份)
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留意北水将於明日开始暂停
耀才研究部称，美股昨晚(27日)三大指数个别发展，美股全日表现窄幅上落，科技股回软拖累纳指轻微下跌。市场对全球经济复苏前景乐观，拖累金价继续偏软，但期铜则继续上升，LME铜价曾高见每吨9964美元，是2011年3月以来最高水平。港股ADR个别发展，汇控ADR绩後股价续升，ADR折合港元收报47.4元，较上日再升3.06%，汇控股价有望带动恒指再挑战29,000点关口。不过，南向「港股通」将於本周四(29日)暂停，至下周四(5月6日)始复常，在缺乏成交支持下，港股短期内亦难以出现大突破，市场将继续关注一众季绩股表现，料炒股不炒市的格局将会持续。
恒指至今仍反覆於100天线至50天线间横行上落，此两度平均移动线正处於28,455点至29,155点，区间仅700点左近，於期指结算日前会否突破仍是未之知数。维持早前看法，指数较关键的支持位乃100天线，相信只要恒指未有正式跌穿此关，目前对後市之看法仍不宜过分悲观。
(笔者为证监会持牌人)~
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