《大行報告》匯豐研究:宏觀不利因素對港股構成壓力 維持恆指年底目標19,110點
匯豐環球研究發表中國離岸資本市場策略報告表示,宏觀的不利因素可能繼續對市場構成壓力,指中國離岸市場一直面臨壓力,是亞洲表現最差的市場之一。在本季度,該行低估了內地疫情爆發頻率、內房危機所引發的金融溢出風險導致市場情緒惡化,而流動性外流等宏觀因素仍不利於中國離岸市場。
該行表示,繼續認為市場提供了良好的風險/回報,基於估值、區域吸引力,以及投資者對倉位減持的立場。該行指,恆生指數的市盈率估值目前接近2008至2009年的水平。雖然預計經濟逆風將持續,但該行認為短期來看,內地促增長和寬鬆政策可能有助於支持2023年整體市場的盈利增長。
匯豐環球研究表示,重申對恆生指數今年年底目標是19,110點和明年目標22,470點不變,並列出按「自下而上」(bottom-up)方式挑選中資離岸市場的推介股份,包括騰訊(00700.HK)、中電信(00728.HK)、阿里巴巴(BABA.US)、比亞迪(01211.HK)、李寧(02331.HK)、拼多多(PDD.US)、金沙中國(01928.HK)、華潤啤酒(00291.HK)、百威亞太(01876.HK)、中銀香港(02388.HK)、中國海外(00688.HK)及新地(00016.HK)。
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