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《大行報告》匯豐研究:大盤股將捲土重來 明年初價值投資引領市場 隨後為增長股
阿思達克 12-13 10:03
匯豐研究發表研報指,渡過艱難的一年後憧憬市場表現改善,指出中國經濟增長前景向好,近日當局放寬防疫限制,又為房地產行業提供支持措施,料為內地股市復甦奠定基礎。 該行又指,美國聯儲局明年起預期將採取更溫和的基調,亦對市場發展有所幫助,指出市場流動性已經見底,企業估值在經歷今年困難環境後更具有吸引力,預計滬綜指、滬深300指數及深成指至明年底均會全部走高,同時明年A股企業盈利料增長18.5%。 行業配置方面,匯豐研究將能源板塊由「中性」下調至「減持」,將電訊行業由「減持」上調至「中性」,表示繼續看好高質量增長板塊,繼續對工業、非必需消費品、必需消費品和醫療保健行業的「增持」評級,同時對金融及公用事業板塊給予「減持」。 考慮到全球流動性狀況改善和國內經濟環境改善,該行預期大盤股將捲土重來,明年起價值投資將引領市場,並於第二季度焦點將轉移至增長股。 匯豐研究重點關注服務業供給側改革、房地產復甦、例如比亞迪(01211.HK)等全球製造業龍頭、高新科技本土化及國企改革共五大投資主題。
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