You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》交銀國際:南向資金近月主力配置集中醫療和金融板塊 反映對高息防禦價值重視
交銀國際發表報告表示,今年上半年港股表現亮眼,恆指和恆生科技指數分別錄得20%和18.7%的半年度收益,位居全球主要股指前列。儘管4月「對等關稅」一度引發全球股指回調,但隨着關稅風險逐步緩解,風險溢價回落推動港股全面反彈。截至6月底,恆指已接近年內前高,驅動因素主要源於風險溢價回落,而無風險利率以及基本面盈利改善的貢獻相對有限。 當前港股正處於多重利好因素共振的有利窗口期:外部環境擾動邊際收斂爲市場提供難得的緩衝期,特朗普政策重心從關稅到減稅的「由外向內」切換,顯着降低外部環境的不確定性。而港股市場充裕的流動性環境則爲資金配置提供有力支持,也與該行觀察到的南向資金積極佈局形成呼應。科技板塊的投資價值凸顯:從資金配置角度看,外資對資訊技術板塊的持續加碼體現國際資本的長期信心;從多空格局看,該板塊多空分歧的收斂預示着波動性的降低和趨勢性機會的醞釀。 結合首季度AI估值重估敘事行情後的充分調整,當前科技板塊的擁擠度水平適中,配合資金面的積極信號,向上彈性空間相對較大,有望成爲下一輪上漲行情的重要引擎。然而,正如該行之前報告所指出港股從結構性行情向全面上漲的轉換,仍需要更強有力的基本面支持和政策催化因素 交銀國際指南向資金方面,均衡配置中的結構性傾斜。南向資金年初至今對港股各板塊持倉均有提升,體現出內地資金對港股整體戰略性配置的上升。此外,南向資金的板塊輪動更爲顯着,從首季度的資訊技術,再到第二季初的新消費,以及近一個月的主力配置方向集中在醫療保健和金融板塊,契合當前市場對高景氣度增長板塊的追捧,也反映高波動環境中對高股息板塊防禦價值的重視。 相比之下,外資僅邊際主動提升資訊技術板塊倉位,其他板塊持倉市值多數下降,體現出更爲謹慎和聚焦的配置理念。外資對科技板塊的偏好選擇可能反映其對港股科技企業長期競爭力和估值修復空間的看好,同時也體現國際資本對中國科技產業轉型升級的持續關注。儘管內外資配置策略存在分化,但在資訊技術板塊上形成一定共識,南向資金維持適度超配, 外資邊際加碼也爲科技板塊的後續表現提供資金面支持。 沽空格局方面,週期與消費承壓,科技分歧收斂。通訊、房地產、能源、材料等週期板塊維持較高的沽空水平,但邊際變化不大。消費板塊出現明顯分化,與必需消費相對穩定形成對比,而可選消費板塊近一個月沽空力量上升,並與外資減持該板塊的行爲形成呼應。資訊技術板塊的沽空集中度持續下降,外資持續加碼資訊技術板塊,以及南向資金維持適度超配的配置行爲,資訊技術板塊在多空雙方的分歧正在收斂。
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.
uSMART
Wealth Growth Made Easy
Open Account