You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》中金:對港股維持積極看法 關注預期反轉的互聯網和部分醫療保健股
中金髮表策略報告表示,在美國通脹回落、加息放緩和中國增長改善的共同推動下,港股自去年11月起迎來強勁反彈。該行料海外資金從配置比例上仍有流入空間,但近期快速修復性流入後、進一步流入的持續性和強度有待基本面兌現支撐。相比之下,南向資金在2022年大舉流入和存量博弈的內地資金面環境下,短期可能有所趨緩,但流入態勢不至於逆轉。 該行表示,港股仍維持積極看法,節奏上處於「第二階段」,空間看盈利修復力度。第一步是風險偏好的改善,2022年11月的反彈基本完成(當前股權風險溢價修復至平均水平);第二步是進一步估值修復,也是當前所處階段,動力來自一季度美國通脹繼續回落和美聯儲加息停止推動美債利率下行、與中國疫後修復和政策加碼預期,目前可見度相對較高(當前港股估值整體依然略低於歷史中樞、尤其是老經濟板塊)。 第三步,也是力度更大的一步,爲第二季度後企業盈利的修復前景,這也將是決定港股反彈可持續性和空間的關鍵。在當前該行宏觀的增長假設下,預計海外中資股2023年盈利有望實現6至10%的增長。因此基準情形下,該行預計市場更多類似於2019年溫和復甦局面,有可能在完成情緒和估值修復後逐步轉向盈利前景確定性高板塊的結構性行情。 中金指配置思路上,除了受益於利好政策的消費和地產外,繼續建議投資者關注預期反轉的互聯網和部分醫療保健;高景氣的科技軟硬件也是中期選擇。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account