南向資金近期買入什麼？持續加倉帶“中特估”主題的電信等
來源：戴清策略研究作者：戴清，黃凱鴻
本報告主要是回顧港股上週表現，跟蹤南向、港股外資和北向資金自2月初以來的流向，以及港股各行業估值最新情況。南向持續加倉帶“中特估”主題的電信、以及未來流動性預期好轉的醫藥，賣出修復預期計入較高的消費；而外資擁抱的是基本面修復確定性較高的消費者服務，需要注意的是，外資持倉變動方向與南下剛好相反。
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上週海外美聯儲主席超預期鷹派發言疊加硅谷銀行破產，國內經濟數據不及預期，海內外共振導致港股承壓。1）美聯儲主席上週發言超預期鷹派；2）硅谷銀行遭擠兌破產，全球避險情緒升溫；3）兩會設定2023年GDP增速目標，處在市場預期下限附近；4）2月CPI數據引發市場下修消費強復甦預期。恆指周度下跌6.1%，至合理估值區間底部。
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從行業表現來看，流動性敏感的行業在上週跌幅較大，而防禦型行業展現抗跌屬性。1）工信部部長指出6G推進工作組已經在開展工作，電信運營商股受消息利好驅動上行；2）國際油價上漲，疊加中國特色估值概念升溫，石油股等央國企估值上修；3）多地方車企降價，汽車行業盈利預期下修，汽車及經銷商股下跌；4）部分互聯網零售公司進行補貼活動，疊加CPI不及預期，零售等行業指數表現不佳。
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資金流動方面，內外資最大的分歧點在於電信、醫藥和消費者服務。2月以來，港股南向資金與外資中介資金的共識在於：均買入房地產、半導體和零售業行業，均賣出銀行、保險、多元金融和汽車及零部件行業。分歧在於：南向資金買入電信服務、製藥和醫療設備，賣出消費者服務和耐用消費品與服裝，而外資中介資金則反之。
外資對待港股與A股方面，外資中介資金與北向資金均買入消費者服務行業，均賣出銀行、製藥、材料、能源和汽車及零部件行業。兩者分歧最大的行業是：外資買入耐用消費品與服裝、零售業、房地產和半導體，賣出保險、電信服務、軟件與服務和醫療保健行業，而北向資金則反之。
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