港股經歷“報復性反彈”一週後,當下還有哪些不確定性?
天風證券表示,歷經前期大幅波動後,當前市場環境對於潛在催化劑的反應相對敏感。短期重點關注影響企業收入加速拐點的宏觀前置指標、以及市場流動性/風險偏好的影響因素(包括美聯儲加息步伐、「綠燈投資案例」、中概審計進展)。
上週(2022年10月31日至11月4日)恆生指數收盤16,161.14點,上漲約8.73%。

上週(2022年10月31日至11月4日)港股通5個交易日共淨買入315.1939億元。

天風認爲,歷經前期大幅波動後,當前市場環境對於潛在催化劑的反應相對敏感。外部環境整體呈現改善態勢,中國科技互聯網企業估值處於歷史相對低位,基本面修復趨勢較明確,中期估值性價比較高。
短期重點關注影響企業收入加速拐點的宏觀前置指標、以及市場流動性/風險偏好的影響因素(包括美聯儲加息步伐、「綠燈投資案例」、中概審計進展)。
建議關注中期基本面復甦潛在動能:1)電商及本地生活:美團、拼多多、京東、阿裏、快手;2)泛娛樂:騰訊、網易;3)酒旅:同程、攜程、華住;4)消費:泡泡瑪特、名創優品。
風險提示:美國和歐洲市場面臨持續加息和高通脹率;國內疫情反覆風險;國內經濟增長放緩;政策刺激效果不足
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