《大行報告》大摩調研首30大中國市場互惠基金等取態:不急於增持中資股 傾向增持內需股及保險股如友邦
摩根士丹利發表「中國資本市場量化策略」報告,指MSCI中國指數自4月下旬以來一直在區間震盪上落,指中國A股指數的風險情緒相對穩健,而離岸股票繼續面臨美國市場波動的溢出效應。該行統計最新的互惠基金頭寸和市場反饋。而該行指在本次分析中的可變資本投資公司(SICAV)採取「晨星中國股票」中首30隻最大活躍基金和「晨星新興市場股票」中的首40隻最大及活躍基金組成,資產管理規模為1,260億美元(約9,890.5億港元)。
該行觀察到上述相關互惠基金今年以來長倉(long-only)策略有三個偏好變化,第一是相關基金經理減少了減持成長型或科技股份,最新取態是「增持」網易-S(09999.HK)(NTES.US)、對京東-SW(09618.HK)(JD.US)採「與大市同步」看法,並「減持」ATM,即騰訊(00700.HK)(TCEHY.US)、阿里-SW(09988.HK)(BABA.US)及美團-W(03690.HK),並指美資基金的投資情緒有所改善。
第二個偏好變化是上述相關互惠基金增持消費必需品行業股份,如貴州茅台(600519.SH)及蒙牛(02319.HK);第三個偏好變化是上述相關互惠基金在金融領域有選擇性購入保險股如友邦保險(01299.HK),並出售銀行股如建行(00939.HK)。
近期上述基金營銷反饋顯示,投資者現階段一般不急於將轉向增持中資股,雖然認為最糟糕的市場情緒已在3月及4月出現,但不確定是否出現推動可持續估值重評的催化劑,隨著全球股市的波動,上述基金開始增持A股,並沽售港股。對於增長股/科技股,他們更願意保留當前的「減持」看法‧。
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