《大行報告》匯豐:現時非「撈底」內地科網股時機 監管風險仍持續
匯豐研究發表報告,指CSI中國互聯網指數自2月高位累跌約40%,投資者或疑惑是否應「撈底」。報告稱,監管風險仍然維持,主要科網公司採取措施避免違反反壟斷法規,包括去除差別待遇及改善生態圈夥伴的經營環境。大數據不當使用亦是另一重大問題。由於監管機構調查仍持續,監管風險仍是重大利淡因素。
報告稱,科網股更大風險或在於增長的成本急速上升。股本回報率正下跌,公司持續投資,及開始進軍其他公司的市場據點,而科網股市盈率仍遠高於2016及2018年水平,當時估值屆歷史低位。數據反映許多基金仍增持軟件及服務板塊,而騰訊(00700.HK)及美團(03690.HK)屬當中重要持倉。
匯豐表示,對內地互聯網板塊看法維持審慎,現在不是「撈底」時機。
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