《大行報告》大摩:ETF納入互聯互通屬基建關鍵一步 但料對港交所(00388.HK)短期提振空間有限
就中國證監會上周五(24日)發布交易型開放式基金(ETF)正式納入互聯互通,內地和香港投資者可以通過當地證券公司或經紀商買賣規定範圍內的對方交易所上市的股票和交易型開放式基金的基金份額,而正式啟動時間將另行公告。摩根士丹利發表報告表示,認為目前的框架是加強互聯互通基礎設施的關鍵一步,但未來有必要擴大範圍以支持提升交易量。
該行認為上述框架給港交所帶來的近期上行空間有限,指第一是只允許以港元計價的ETF、第二是六個月平均資產管理規模需逾17億港元;第三是基準指數中90%以上為聯交所股票,以及第四基準指數中80%以上為互聯互通計劃的股票,相關限制適用於北向ETF。而ETF通與滬深港通共享每日交易額度。
中國證監會還收緊了KYC(「認識你的客戶」)要求,自7月25日起,內地投資者將被禁止進行北向交易。該行認為目前的框架是加強互通基礎設施的關鍵一步,但有必要擴大範圍以支持交易量的提升。該行維持對港交所「與大市同步」評級及目標價340元。
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