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《大行》摩通料MXHK短期整固為買入機會 首選友邦(01299.HK)中銀香港(02388.HK)銀娛(00027.HK)港交所(00388.HK)、領展(00823.HK)創科(00669.HK)
摩根大通指出,本年迄今,香港金融市場表現強勁,住宅地產市場趨穩,推動市場共識每股盈利增長及市盈率正常化。展望2025年下半年,摩通預期MXHK指數在上半年以美元計回報達18%、跑贏MXASJ指數約5%後,將進入短期整固階段,主要受關稅風險不確定性、聯儲局減息預期落空、刺激政策力度不足,以及8月傳統淡季等因素影響。此潛在弱勢將是買入機會,因強勁的股市融資活動、南向資金流入,以及穩定幣創新可能推動盈利預測上修。 摩通指數將2025年底MXHK基準/樂觀/悲觀目標,分別從11,600/12,400/10,300點上調至13,000/14,000/11,000點,隱含回報率分別為2%/10%/負14%。板塊配置:超配金融/可選消費,地產板塊上調至中性,維持減持公用事業。首選個股包括友邦保險(01299.HK)、中銀香港(02388.HK)、銀河娛樂(00027.HK)、港交所(00388.HK)、領展(00823.HK)及創科實業(00669.HK)。中小型股首選則有美高梅中國(02282.HK)和中國建築國際(03311.HK)。
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