《大行報告》瑞銀:中資股短期採股息、股份回購等主題策略屬合適
瑞銀髮表報告指出,內地最近的關鍵經濟指標如製造業採購經理指數(PMI)、房地產銷售和生產者物價指數(PPI)等,均顯示一些疲弱的跡象,儘管今年總體財政政策制定可能仍具支持性,但預期有關力度僅爲溫和。
該行認爲,經濟復甦疲弱、房地產低迷和財政政策支援有限帶來的不確定性,整體市場情緒悲觀。香港投資者最青睞高息股,至於中資股短期採股息策略、股份回購,及其他核心持股等主題策略屬合適。
此外,該行指有派息和回購的中資股可能跑贏。過去三年股息率超過6%的股份,平均表現較MSCI中國高出18%。此外,分析表明投資者可透過在公司宣佈回購後購買相關股份,來產生超額回報。
該行考慮到宏觀數據的疲弱,以及最近發佈的網絡遊戲管理規則草案帶來的監管不確定性,短期內在投資組合中納入一些防禦性股份較爲合理。但該行料風險回報仍然偏上行,對中國股市今年的前景仍具建設性。
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