中國互聯網中期估值性價比高，建議樂觀看待長期價值迴歸
天風研究在2022年11月首周對外資投資機構者展開問卷調研，重點關注中國資產（包括港股、A股）配置意願，我們調研的外資投資機構約39%爲Long Only長線基金，約61%爲Hedge Fund對衝基金。
來源：天風研究
調研結果的核心結論：
樣本外資機構投資者的中國資產倉位以中低倉位居多，高倉位佔比約25%。展望後續，相對更多的樣本外資機構投資者看好中國資產持續修復、短期反彈的機會。未來6個月內，樣本外資機構投資者增配中國資產意願較高，其中增配A股的意願相對更高。
對於港股市場，對比中國資產整體的展望，更多的樣本外資機構投資者看好港股市場短期反彈。多數看好港股市場的外資機構投資者認爲確定性提升、風險偏好修復將是主要的上漲因素，關注的風險因素則相對更多集中於監管、全球經濟衰退、地緣政治、疫情等。從板塊來看，樣本外資機構投資者相對更看好互聯網與軟件、消費、高股息板塊。對於中國互聯網板塊，佈局短期反彈和持觀望態度的相對佔比較高。
對於A股市場，相對更多的樣本外資機構投資者認爲未來一段時間市場風格以中小盤成長爲主，行業中相對看好TMT中信創等子賽道、光伏、電動車與智能汽車、航空。
對於美股市場，佔比約67%的樣本外資機構投資者認爲美股盈利尚未完全下調，整體持謹慎態度。
投資觀點
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。我們維持觀點：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。
短期市場交易情緒回暖，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：宏觀經濟風險；國內外疫情風險；調研樣本有限，不能完全代表全貌。
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