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《大行報告》高盛:亞洲基金續增加對利率敏感股票配置特別是銀行股 亦提高醫療和日常消費股持倉
阿思達克 07-05 11:46
高盛發表亞太區組合策略報告指,在利率收緊、美國經濟衰退擔憂加劇及美元走強的情況下,亞洲股市今年上半年受壓,雖然前景仍然充滿挑戰,但鑑於估值較低、倉位較低和中國政策寬鬆,該行料亞洲股市應可跑贏美國股市。 該行基於資金流向監測機構EPFR統計所涵蓋的2.7萬億美元互惠基金資產、以及對350家最大的新興市場/亞洲基金持有的5,400億美元的持股作研究,重點關注資金流動和投資定位。結果顯示平均而言,該最大的350隻亞洲和新興市場的互惠基金的今年上半年回報率錄十年來最差的,年初至今分別下跌18%和21%。期內只有35至40%的基金表現優於其他基金。 自去年1月以來,亞太區(撇除中國)市場中外資已流出1,110億美元,超過了全球金融危機時期所流出的930億美元。而該行指,中國地區資金流入有所改善,6月份A股北向資金流入110億美元(而亞太地區其他地區錄資金流出210億美元)。美國經濟衰退風險上升,市場調整影響區域流動性(主要在北亞洲),但中國A股及東盟市場顯示具有彈性。 高盛表示區域選股方面,看好A股、東盟、銀行和精選的防守性股份。在行業中,基金繼續增加對利率敏感的股票(尤其是南亞洲銀行)的配置,其中銀行現在是獲「增持」看法最多的行業,但由於增長放緩/美國經濟衰退的擔憂,部分防禦性股票(醫療保健和日常消費品)的配置也有所增加。(wl/k) ~
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