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高盛:目前時點,堅定投資中概科技股

今年上半年港、美兩地上市的中國科技公司一路下跌,大多創下上市以來最大下跌幅度,海外許多大行開始陸續出手,高盛也表示,中國的科技公司股價何時出現反轉還不確定,但是目前開始買入已經不虧。

從今年初創下高點之後,中國科技股普遍開始掉頭向下的走勢,7月以來,隨着監管政策趨嚴,股價波動進一步加劇。騰訊、美團、阿裏等知名科技企業紛紛創下上市以來最大階段跌幅。但價值是跌出來的,高盛表示,中國科技公司的發展前景還是迷霧一片,但目前的股價已經price in很多不確定性,投資價值顯現。

高盛在最新的投資報告中寫道,“中國目前對科技股的監管政策還沒看到頭,但是最近幾個月的急速下跌已經讓投資顯現價值,何時會出現市場拐點我們也無法預測,這完全取決於監管政策的陸續落地以及科技公司本身對新的營商環境的適應。目前有一點可以100%確定的是,雖然中國內部監管政策趨嚴,但是人民幣並沒有出現劇烈波動,人民幣兌美元依然保持在高位震盪,這說明外資並沒有因爲監管事件看空中國公司,通常外資看空一個國家的經濟都是最先從外匯上體現”。

從最新公佈的13F持倉報告來看,高盛在二季度大舉買入了587萬股阿裏巴巴股票,已經該行的第五大持倉股,佔其投資組合比例的1.55%,而且,高盛還同時持有該股的看漲期權。看起來對阿裏巴巴的信心滿滿。

不僅高盛堅定持有阿裏,最近貝萊德首隻公募基金產品——貝萊德中國新視野混合型證券投資基金於9月7日正式成立,消息人士稱,提前一週結束了認購,目的是儘早開始投資。首募規模約66.81億元,有效認購總戶數爲11.1萬戶。

貝萊德投資研究所8月中旬建議稱,在一些情況下,投資者將在中國的敞口增加三倍。今年早前,貝萊德首席執行官拉裏芬克在給股東的一封信中,將中國市場描述爲“幫助實現中國和國際投資者長期目標的重要機會”。

有“新興市場教父"的投資界大佬Mark Mobius對近期國內加強監管也表示,“這意味着他們(中國)正在走向公平監管,試圖創造一個公平的競爭環境,中國採取的這些措施,讓投資者,包括海外投資者,更安心”

不僅海外投資者開始看多中國科技股,國內投資者也在逆勢買買買。本週前四個交易日,恆生互聯網ETF(513330)淨流入超過5.5億元。

光大證券認爲,港股互聯網板塊短期或維持震盪,關注稀缺成長板塊。當前港股已顯現出部分築底信號,港股的下跌空間也可能相對有限,建議關注稀缺成長但被市場情緒錯殺的標的,如雲計算、電子、醫藥及物業相關板塊。長期來看,互聯網公司投資價值已經凸顯。從美股的經驗來看,互聯網公司也面臨過多次監管壓力,但業務拆分的風險和概率較低,多數公司在規範後依然蓬勃發展,再次煥發生機。因此相對長線大資金可逐步介入互聯網相關的公司。

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