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金山雲(3896.HK)等公司獲納入恒生綜指:流動性改善與估值修復

近日,全球各大指數調整結果陸續公佈,MSCI、富時羅素、恒生等多家指數公司對旗下的指數進行了季度調整。其中,恒生綜指調整結果引發市場廣泛關注。

恒生綜指調整結果顯示,28只個股獲納入恒生綜合指數成分股名單。該調整於2023年3月13日(星期一)開始生效。根據最新發布的檢討名單,休閒食品龍頭衞龍、雙重主要上市後表現出色的金山雲、上市至今翻倍的次新股飛天雲動都在此列。

進入恒生綜指與港股通將顯著提升流動性

恒生系列指數對入選企業的股票市值、成交額等方面均具有較高要求。某種程度上,進入恒生綜合指數成分股名單是公司價值得到市場認可的重要證明。

在一眾“入指”新貴中,金山雲亦在其列。在2022年的最後一個交易日,金山雲正式以介紹形式於港交所主板完成雙重主要上市。2023年開年以來,港股市場震盪——恒生指數出現高位盤整,升幅回吐,同時期恒生指數的升幅僅為三個點。在這種環境下,金山雲股價依然上升超過20%,遠遠跑贏同期市場表現。這不僅為投資者提供了顯著的超額收益,還為自身成功入通奠定堅實基礎。

入指的第二個意義在於,流動性有機會顯著增強,利於公司直接受到被動資金與主動資金加持更值得關注的是,恒生綜指的變動將導致港股通名單的變動很多公司而言,入指入通,將有機會獲得來自“北水”的關注與滋潤。

華泰證券研究所指出,港股通“新貴們”從公吿日至生效日區間內的超額收益穩定且顯著。從去年下旬的港股通名單調整帶來的行情來看,新納入的個股往往出現上升,如香港航天科技盤中一度升超100%。

中概股實現價值迴歸第二步?

受美股市場複雜因素的影響,過去數年內中概股市值經歷劇烈震盪,並一度發生了中概股危機。儘管近期的中概股終於開啟反彈行情,但仍處於復甦初期。

在這樣的背景下,中概股開啟集體回港潮。大部分公司選擇了二次上市的方式,而金山雲等公司則成為最早一批選擇以介紹方式回港上市的中概股。回港的公司表現出現顯著分化,有些表現差強人意,但也有名創優品、諾亞控股、金山雲等公司迎來春天。

進入港股通是中概股有望實現價值迴歸的第二步。比如金山雲,在雲計算市場有其不可替代的獨特地位。公司不僅是稀缺的獨立中立雲計算廠商標的,還是中國最大的獨立雲服務商。深耕雲計算十餘載,在行業經驗之上,金山雲具備深厚的服務經驗沉澱,與互聯網、醫療、金融、公共服務等重點行業的頭部玩家達成深度合作。公司還與小米、金山集團等客户達成了“生態共生”,打造與雲計算高度耦合的業態,積極挖掘高價值垂直行業機會。

從宏觀角度來看,近日《數字中國建設整體佈局規劃》落地,首次提出將數字中國建設工作情況作為對有關黨政領導幹部考核評價的參考。參考此前食品安全、環保等領域發展的例子,未來數字經濟的發展很大可能會迎來全面提速,為沉寂已久的雲計算行業帶來蓬勃生機。

總而言之,雲計算賽道的長週期景氣度或將開啟。或許是時候將目光重新投到這個賽道之上了。

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