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中信建投:港股牛市行至中段 關注消費電子等四大板塊

近日,頭部券商中信建投發佈研報稱,後續一段時間港股的優勢正在凸顯,內外部資金對於港股的關注度逐步提升,整體進入看多行情。

研報中指出,本輪港股長週期牛市自去年四季度確立,當前走到中段左右,目前 1)流動性週期已經大約走到中段,後續 1-2 年基調整體上寬鬆。2)估值週期,港股經歷 3 年熊市後估值較低,目前連續修復一年多後估值來到中上分位。3)盈利週期目前剛剛從底部回升。目前主要的盈利修復集中在結構性景氣板塊。

同時還指出,雖然海外流動性緊縮成爲港股最大壓力之一,而近兩月美國就業數據大幅低於市場預期,降息預期大幅提升,後續港股宏觀流動性有望得到快速緩解,有利於港股估值回升。資金方面,外資不斷上調港股市場及中國資產,外資有望持續流入。南向資金方面,整體流入開始加速。內外資有望持續流入港股。

近期,多家外資機構發佈對中國市場的觀點,普遍看好港股市場前景。高盛發佈研報,維持對中國股票"增持"立場。渣打銀行在《2025 年下半年全球市場展望》中維持對中國股票的"超配"評級,摩根士丹利研報中表示,當前人工智能、半導體、人形機器人、新消費等熱點板塊的主要交易場所集中在港股和 A 股,投資者對中國市

場的興趣達到前所未有的高度,或進一步催化外資流入港股。

投資標的方面,中信建投認爲,可重點關注港股核心成長板塊,特別是互聯網、創新藥、新消費和科技板塊,其市盈率已經突破歷史新高,景氣板塊的估值修復有望持續帶動港股整體估值的上升,還可關注紅利防禦性配置板塊。

消費電子板塊:小米集團、聯想集團、瑞聲科技、中芯國際、高偉電子等

信息技術服務板塊:偉仕佳傑、金蝶國際、九方智投控股等

AI及機器人:第四範式、商湯-W、優必選

新能源汽車:比亞迪股份、比亞迪股份、零跑汽車

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