企業盈利上行爲港股修復奠定基礎，哪些個股值得關注？
上週公佈經濟數據。一季度GDP同比+4.5%，高於彭博預期4%。消費反彈，3月社零同比+10.6%，明顯超彭博預期的7.5%。一季度最終消費支出對經濟增長貢獻率達到66.6%，場景類消費較快修復。
天風證券認爲，處於高位的居民儲蓄將爲消費繼續修復奠定基礎，預計隨穩定居民就業、收入和預期的針對性措施出臺，收入修復類消費復甦有望得到改善。關注4月末中央政治局會議表態。
4月21日，中央全面深化改革委員會會議指出，支持民營經濟發展是一貫方針，促進民營經濟發展壯大，破除制約民營企業公平參與市場競爭的制度障礙。強化企業科技創新主體地位，是推動實現高水平科技自立自強的關鍵舉措。聚焦國家戰略和產業發展重大需求，加大企業創新支持力度，積極鼓勵、有效引導民營企業參與國家重大創新，推動企業在關鍵核心技術創新和重大原創技術突破中發揮作用。
受地緣政治局勢影響，港股市場短期下跌。預計其對市場情緒的影響或逐步改善。整體而言，全國國內經濟持續復甦，港股企業盈利進入上行週期，二季度低基數下中美經濟景氣有望進一步分化。同時港股流動性和風險偏好有望逐步趨向改善，可爲港股繼續修復提供動能。截止2023/4/21，恆指前瞻PE較13年來中位數折讓1.4個標準差，恆指相對MSCI全球指數前瞻PE較13年來中位數折讓1.8個標準差，恆指股權風險溢價處於2013年來約66%分位值。
投資建議：
天風證券建議關注，
1）業績有望持續修復的龍頭平臺：【騰訊】、【美團】、【拼多多】、【阿里巴巴】、【京東集團】、【快手】廣告復甦超預期+虧損持續收窄；
2）復甦趨勢下港股彈性標的：【泡泡瑪特】利潤率改善+新品催化、【名創優品】國內復甦+海外積極擴張+入通帶來流動性提升、【微盟】受益於視頻號生態；
3）內容政策環境持續改善下的文娛內容產業機會：閱文集團、貓眼娛樂 、IMAXCHINA 、阿里影業、心動公司、愛奇藝等；
4）新勢力整車：汽車板塊在消費內需和GDP增長的重要性不可忽視，【理想汽車】、【小鵬汽車】等。
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