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華泰證券:港股市場波動率可能走高
格隆匯 07-14 08:28

華泰證券發佈港股策略研報稱,市場波動率可能走高,板塊輪動重要性上升。近關税擾動脱敏,政策預期升温,南向資金淨流入顯著增加,外資同步迴流。展望看,港股流動性寬裕的中期邏輯未發生顯著變化,但短期伴隨熱點板塊出現調整,資金再配置已悄然進行,指數層面波動率或將進一步放大。建議近期以半年報為線索,關注景氣度兑現程度更高的方向:短期可關注更具性價比和安全邊際的行業,如食品飲料、家庭個護及金融;中期可佈局景氣改善催化的服務消費(旅遊、茶飲、餐飲等)、耐用消費(潮玩、黃金珠寶、服飾等)、科技硬件及軟件服務(雲計算、AI應用、媒體)。

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