You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》瑞銀建議增持美科技股及房託 通脹消退下減持資源及工業股
阿思達克 04-13 15:52
瑞銀發表報告,上調美股科技股及房託至「增持」,並下調工業股至「減持」。 其中科技股受惠相對增長與動力改善、較高質素、較強定價能力、低成本曝險及潛在派息。估值及利率上升為隱憂,但增長與周期因素更應受關注。勞工成本上漲將使資訊科技及軟件開支有大量上望空間。該行相對偏好軟件及服務股,多於半導體股及硬件股。 房託則受惠穩定增長、更佳價格及較低成本曝險。 資源及工業股方面,瑞銀則予「減持」,基於周期風險及通脹消退,不少工業股面對重大成本問題,但鐵路及航空與軍工股相對較佳。 報告指,投資者對通脹/利率、增長/衰退,以及盈利/利潤率的憂慮上升,市場內部已快速調節。根據該行模型,按估值推算,企業盈利進入後經濟周期的概率在2個月內急升35個百分點,2018至2019年的後經濟周期需要15個月才達致有關幅度。今年以來對美聯儲預期的轉變較正常相距3個標準差,十年期及兩年期孳息曲線平坦化速度亦較正常相距2個標準差。 報告指,俄烏衝突風險自2月底以來支配相對回報,部分風險仍計算在內,但在實質利率及通脹預期重設情況下,經濟增長將為更重要推動因素。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account