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恆生投資管理:第二季投資無須太進取 專注結構性增長和獲國策支持股票
阿思達克 04-12 15:55
恆生投資管理董事兼投資總監薛永輝相信,恆指估值在上一輪拋售、多種負面因素困擾時已見底,內地實行貨幣寬鬆政策遲早會帶動其估值,不過俄烏戰事和內地因要控制疫情而封城,導致這些效應延遲反映。他相信,內地會考慮降準或減息,及鼓勵銀行授出貸款等不同寬鬆組合刺激經濟,認為投資者在第二季較適宜採取平衡策略,觀望內地貨幣政策和外圍因素,暫時不需要太進取。 恆生投資管理表示,其核心投資策略為專注投資得益於中國長遠結構性增長和受政策支持的股票,包括受惠於內循環的內需股,例如體育用品股;高科技產業,例如人工智能、5G通訊、半導體、軟件等;環保政策相關股,例如新能源、新能源車動力電池製造、新能源汽車製造等。該行認為,應適時加入防禦性股票,包括必需消費品,例如乳製品、啤酒等;房地產、工業和銀行金融股。地區方面,該行高配中國A股、東盟,低配南韓。 薛永輝表示,內地監管政策有放鬆跡象,互聯網板塊股票股走勢將好轉,但若美股在加息後調整,納斯達克指數應相應調整,屆時將對港股科技股表現有影響,不過當內地互聯網企業監管政策執行得更清晰時,監管風險降低帶來的支持效應,應會大過美股因加息而帶來的調整。
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