Workflow
开源证券：港股相对A股补涨的契机或到来 建议重视互联网、消费等机会
Zhi Tong Cai Jing·2025-09-11 08:24

Core Viewpoint - The current A-share market is entering a valuation digestion phase, while the relative advantages of the Hong Kong stock market are becoming more apparent, supported by a dovish signal from the Federal Reserve and a search for investment opportunities in AI hardware and applications [1][2][3] Group 1: Market Dynamics - The Hong Kong stock market has shown a "healthy" moderate upward trend since the "reciprocal tariffs" impact in 2025, but its relative performance compared to A-shares has weakened due to several factors [1] - The Hong Kong Monetary Authority tightened liquidity in August, with the 3-month HIBOR rising from 1.62% to 3.30%, an increase of approximately 168 basis points, and the 1-month HIBOR rising from 0.99% to 3.30%, an increase of about 230 basis points, which has pressured some leveraged financing costs [1] - The expectation of a rate cut by the Federal Reserve was postponed to September, as the non-farm employment data showed resilience, leading to a withdrawal of rate cut trades and an increase in U.S. Treasury yields, delaying the global liquidity improvement [1] Group 2: Investment Opportunities - Funds are seeking "outlets" in AI hardware and applications, with the Hong Kong internet sector positioned to benefit from this trend [2] - Alibaba is increasing its investment in self-developed AI chips, enhancing its influence in the core computing power segment, while Oracle's AI cloud business guidance exceeded expectations, indicating strong demand for AI and cloud services globally [2] - The Hong Kong internet sector is becoming increasingly attractive for capital allocation, supported by the ongoing AI-driven technology cycle [2][3] Group 3: Investment Recommendations - The report suggests focusing on the Hong Kong internet sector, consumer stocks, pharmaceuticals, and resilient non-bank financial sectors to capture dual benefits from profit elasticity and valuation recovery [3] - The overall valuation of the Hong Kong market is low, with good asset quality and increased corporate dividends and buybacks, indicating potential inflows of foreign capital as external liquidity conditions gradually ease [3]