《大行》平安證券料下半年港股盈利有望回升 建議關注AI科技、生物醫藥、新消費及紅利防禦性資產
平安證券發表港股研究報告表示,今年上半年港股主要指數營收增速回升,淨利潤增速回落。其中,恆生科技業績維持領先,實體企業業績仍具韌性。恆生綜指股本回報率小幅回落,淨銷售淨利率、槓桿水平提升,總資產週轉率下降,經營效率整體穩健;資本開支規模有所收縮,各領域龍頭企業擴產意願更強。
業績展望:今年下半年港股盈利有望回升,多數行業盈利情況有望邊際改善。按市場預測顯示,股指層面,恆生綜指、恆生中國企業指數盈利增速均有望回升,恆生科技在「外賣大戰」的影響下盈利或有所收縮,但預計盈利增速將仍保持明顯領先地位。行業層面,醫療保健、原材料、資訊科技業維持較高景氣;必需性消費、電訊、公用事業、金融等大多行業盈利情況有所改善,推動港股整體盈利增速上行;地產建築、能源業盈利降幅也有望收窄。
就配置建議,平安證券指在國內供給和需求政策協同發力,科技產業積極變化持續積累的背景下,高景氣行業如醫療保健、資訊科技、新消費等業績有望持續兌現。同時,港股估值相對全球仍具優勢,海外資金流動性寬裕疊加南向資金大幅流入港股,有望推動港股估值持續修復。
結構上,建議關注三條方向:一是關注景氣度高位運行的科技產業,包括AI科技板塊、生物醫藥等領域;二是受益於政策利好的新消費、服務類消費板塊;三是關注業績穩健的紅利防禦性資產,包括分紅水平較高的金融板塊、景氣度較高的原材料板塊。
平安證券認爲,港股估值相對全球仍具優勢,寬裕的流動性環境有望推動港股估值持續修復。對比全球主要股指的市盈率與歷史分位數,港股在全球資產中依然具有性價比。9月美聯儲已重啓降息,美元仍處於低位震盪階段,海外資金流動性寬裕,此外,今年以來南向資金大幅流入港股,港股流動性有望維持寬鬆態勢。往後看,該行認爲,在海外不確定性仍存的背景下,國內政策支持堅定,科技產業自主可控建設有望持續深化,共同支撐實體上市公司盈利改善。同時,港股在全球資產中依然具有性價比,有望在寬鬆的流動性環境中收益。
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.