《大行報告》華泰證券:港股主動資金上周流出擴大 持倉宜謹慎防禦
華泰證券發表港股策略報告表示,往前看,需提防市場此前過度樂觀的美聯儲降息預期階段性調整的風險,持倉上宜謹慎防禦。資金面來看,外資上周轉向淨流出,內資上周淨流入。配置建議以紅利為底倉,關注內資流入/AH溢價高位/景氣回升的交集投資主題。
該行指據EPFR,港股上周外資轉向淨流出,其中主動資金流出幅度擴大(上周約4億美元,對比上上周約1.6億美元),市場此前過度樂觀的聯儲降息預期階段性調整或是主因,10年期美債利率上周明顯提升;南向在上上周流出69億港元後重回明顯淨流入,上周流入約147億港元。產業資本方面,上周回購金額約87億港元,且近八周港股回購總額超400億港元、已超越2022年10至11月約289億港元水平。空頭方面,近期恆指沽空比例上行,結構上值得注意的是地產板塊的做空比例已至約1.5%,超過此前2022年恆指底部水位,或預示情緒上已接近市場底部。
華泰證券建議關注配置方向交集下的銀行、資本財及公用事業等高股息資產,篩選南向資金近期流入、估值籌碼水位較低的能源、電信服務及資本貨物;第二是高股息資產的配置性價比抬升,篩選當前估值較低、AH溢價高位的銀行、資本貨物、公用事業;第是當前保險、電訊服務及公用事業存在一定沽空壓力,關注後續是否存在平倉反彈機會。第四是關注景氣回升帶來的彈性機會,2023年12月,國有行與股份行存款利率調降已開啟,內銀板塊成本預期改善,有望緩解淨息差壓力。
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.