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《大行報告》大摩:長倉基金近期續買入中國科技股 但對衝基金開始有獲利活動
阿思達克 07-19 14:44
摩根士丹利發表報告表示,外國投資者正在增持中國市場股票包括科技股,然而納斯達克金龍中國指數和恆生科技指數已從近期最高位以來累跌10%,該行回顧6月和7月以來大型的中國科技股的資金流向情況及結合不同投資者的反饋,該行指近期長倉基金基金經理及私人銀行對中資股方法轉更爲正面,因料中國經濟於今年下半年呈復甦,憧憬有利電子商務表現,並認爲內地科網行業的政策最壞時間已經過去,料改善的市場情緒可能有助於重新估值。 但該行指,養老基金和主權基金對中國股票保持謹慎,第一是仍擔心中概股退市風險依然存在、第二是中國持續爆發小規模的疫情,第三是內地市場環境惡化可能導致流動性收緊,提高融資成本,不利於增長型投資。 大摩指,對於對衝基金經理來說,對中國股票進行獲利是近期的共識,擁有全球宏觀策略的基金經理們擔心人民幣兌日圓匯率處於十年來的最高水平,這可能會阻礙中國的出口增長,增加人民幣貶值的壓力。 該行指按晨星基金數據,主動及被動的長倉基金於今年6月分別淨買入納斯達克金龍指數中的中國科技股各120億美元和104億美元,這兩項資金流入均錄自2021年11月以來最多的水平。 根據EPFR數據和市場價格走勢,大摩料7月以來長倉基金經理繼續買入中國科技股,但對衝基金和量化基金開始獲利活動。在從量化(quant)的角度來看,該行建議在這次市場下跌時增加成長/科技股,但需要具有耐心。
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