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景順:當下全球最具吸引力科技股在中國

來源:智通財經

景順資產配置研究全球主管Paul Jackson表示,在美國市場估值依然太高的情況下,投資科技股應選擇中國市場。

近日,景順資產配置研究全球主管Paul Jackson在一次採訪中表示,在美國市場估值依然太高的情況下,投資科技股應選擇中國市場。

Jackson表示,在經歷了一年的大規模拋售後,隨着寬鬆的貨幣政策和增長前景的改善超出了對疫情的擔憂,中國科技行業的環境正在逆轉。

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Jackson認爲,此次拋售「開啓了一個估值點,使市場處於歷史低位,從絕對值來看,中國市場幾乎是美國的一半」。「如果你打算買入科技股,最好買中國的,」他表示。

隨着疫情限制的放鬆,中國股市最近幾周表現超過了美國和歐洲股市。在寬鬆政策預期的加持下,恆生科技指數本月一度飆升12%。這讓景順、摩根大通資產管理公司、摩根士丹利和Jefferies更加看好中國科技股。

另外,即使在近期實現上漲後,中國科技股估值仍比歷史平均水平便宜。根據彭博社彙編的數據顯示,恆生科技指數的預期市盈率爲27倍,低於10年平均市盈率32倍。在同一基礎上,納斯達克100指數市盈率則接近20倍,與其歷史平均水平大致持平。

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景順表示,歐洲和美國股市的前景並不樂觀。Jackson表示:「通常情況下,這兩個市場的下跌就是買入的時機,但現在我們如此接近經濟衰退,這種做法似乎不那麼恰當。」因此,Jackson自2016年以來首次略微減持股票,並增持主權債務。

據悉,從美國到澳大利亞,各大央行目前都在通過大幅加息遏制不斷飆升的通脹,這使得科技股遭受重創,大多數主要經濟體都面臨潛在的經濟衰退。在這些擔憂的重壓下,股市整體承壓,標普500指數即將迎來1970年以來最糟糕的上半年表現。

儘管Jackson對迄今爲止的良好業績印象深刻,但他認爲,不斷上漲的大宗商品成本和工資正在給利潤率帶來壓力。他表示:「如果我們繼續看到各企業輕鬆取得良好業績,我會感到驚訝。」

不過,Jackson也補充道,雖然美國科技股估值似乎過高,但包括Alphabet(GOOGL.US)在內的大型科技公司的盈利能力看起來仍比較安全,因爲這些公司的勞動密集程度相對較低,因此成本也更低。他表示,這同樣適用於醫療保健公司。

但對零售商、航空公司、食品配送公司和汽車公司等利潤微薄的企業,Jackson表示並不感興趣。

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