《大行報告》匯豐研究:內地政策調節改善離岸市場風險胃納 列出13隻重新開放受惠股
匯豐研究發表報告指,內地具積極意義的防疫及樓市政策調整,將改善投資者在離岸市場風險胃納,成為改變市場格局的重大主題。中央政府「組合拳」釋出更支持經濟增長的政策信號。即使未來進一步重新開放的時機及幅度仍有不確定性,該行料內地逐步放寬防疫政策為期不遠,可參考香港情況。
報告稱,內地政府拯救陷入財困內房,將紓緩因房市下行帶來的負面財富效應,支持消費復甦。這將逐步改善波動的中國市場增長前景。考慮促進增長的政策以及長期基本面,該行維持對中國股票「增持」立場。
不過,匯豐研究留意到內地短期宏觀負面因素。宏觀風險可對市場帶來重大挑戰。在全球或陷入衰退陰霾下,整體離岸市場盈利難見重大反彈,直至更利好增長政策出台。資本外流將持續對市場帶來一些下行壓力。
報告續說,相信內地重啟出行將成為離岸市場重要主題。並認為20項優化防疫措施出台是邁向重啟邊境的良好進展。該行列出13隻重新開放受惠股名單(詳見另表),維持恆指今年底目標19,110點,明年底目標22,470點。該行並料明年底國指目標7,830點,富時香港指數明年底見1,020點。
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