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華泰證券:從美國13F報吿視角出發 看海外資管機構對中資股的季度調倉
華泰證券研報指出,以海外前二十大主動型管理機構為觀測樣本,從美國13F報吿視角出發,剖析二季度海外頭部資管機構對於中資股的調倉動向:1)總量,二季度頭部資管機構減倉中資股,超(低)配比例回落至2018年以來20%的歷史低位。2)分行業,金融、日常消費是A、港股共同的加倉方向,但內部或略有分化。A股,家庭與個人用品、食飲、保險是主要加倉方向,減倉零售、消費者服務、製藥;港股,啞鈴型加倉高股息(運輸、保險)及成長品種(消費者服務、媒體),減倉汽車與汽車零部件、零售業。向前看,美聯儲降息週期有望開啟,外資或迴流,把握四條高勝率線索:①AH溢價收斂;②紅利“平替”的A50;③景氣有持續性的消費電子、船舶等;④降息強受益的醫藥、港股互聯網。
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