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中金:增量资金加速入市 本轮行情有望延续 A股弹性优于港股
智通财经网·2025-08-18 00:16

Core Viewpoint - The report from CICC indicates that incremental capital is accelerating into the market, suggesting that the current market trend may continue, with A-shares showing greater elasticity compared to Hong Kong stocks [1] Group 1: Market Dynamics - A-shares are expected to regain superiority over Hong Kong stocks if domestic individual investors accelerate their market entry and pressures on core industries such as the new energy chain and real estate chain ease [1] - Positive changes in the funding landscape for A-shares have been observed, with attractive market returns, improved chip structure, and a positive cycle of profit-making effects and capital inflows [1] - The restructuring of external monetary order and a weak dollar trend may lead to renewed interest in RMB assets, driving incremental capital into the market [1] Group 2: Sector Analysis - A-shares and Hong Kong stocks have distinct sector advantages, providing complementary investment value. In terms of profit structure, the midstream manufacturing sector in A-shares has a higher profit share compared to Hong Kong [1] - The A-share market features hard technology, new energy, and midstream manufacturing as its characteristic industries, while the Hong Kong market is home to many scarce internet leaders and emerging consumer enterprises [1] Group 3: Hard Technology vs. Soft Innovation - A-shares have shown strong competitiveness in hard technology sectors like semiconductors and electronics, benefiting from high industry prosperity and policy support, contributing approximately 3.5% to overall profits [2] - The soft innovation sector in Hong Kong, particularly in the internet space, has gained prominence due to the AI technology revolution, contributing 13.5% to the market's profits [2] Group 4: Consumer Trends - The A-share market's broad consumption sector, including food and beverage, has maintained stable profit contributions, with the liquor industry contributing around 2.5% to overall profits over the past five years [3] - In contrast, the Hong Kong market has seen a shift towards new consumption models, with new retail channels and entertainment sectors performing well, leading to over 200% cumulative profit growth in the new consumption index over the past three years [3] Group 5: New Energy Sector - The A-share market's new energy sector, particularly in upstream resource manufacturing, has seen improved global competitiveness, with the electric equipment and new energy sector contributing around 5% to A-share profits [4] - The Hong Kong market's new energy sector is primarily focused on downstream electric vehicle manufacturers, which have shown strong performance despite being in a transitional phase [5] Group 6: Pharmaceutical Sector - The A-share pharmaceutical sector has a more complete industry chain, contributing about 3% to overall profits, while the Hong Kong market focuses on innovative drug development, with profit contributions increasing from 0.4% in 2022 to 1.6% in 2024 [6]