Workflow
港股投资
icon
Search documents
为什么这几年业绩好的主观多头都主做港股?
雪球· 2025-05-18 04:33
Core Viewpoint - The article discusses the shift of subjective long-biased private equity funds towards Hong Kong stocks due to the significant valuation gap and improved market conditions compared to A-shares, highlighting the potential investment opportunities in the Hong Kong market [3][9][10]. Group 1: Market Performance and Trends - From 2021 to 2023, the Hang Seng Index fell by 37.39%, while the Shanghai Composite Index only dropped by 12.78%, indicating a more severe decline in Hong Kong stocks [9]. - The valuation of the Hang Seng Index is at the 36.85% percentile over the past decade, making it one of the cheapest major markets globally [9]. - The price-to-earnings (PE) ratio of CNOOC in A-shares is 8.81, while in Hong Kong it is only 5.48, showcasing the valuation disparity [9]. Group 2: Investment Opportunities - The influx of southbound capital has been significant, with over 600 billion yuan bought by southbound funds by the end of April 2023, indicating a strong demand for Hong Kong stocks [12][24]. - New economy companies in Hong Kong, such as Pop Mart and Xiaomi, are showing improved fundamentals and performance, which enhances the attractiveness of the market [13]. - The potential return of Chinese concept stocks to Hong Kong could further invigorate the market [13]. Group 3: Private Equity Strategies - ZY, a value-oriented fund, achieved a 42% return this year, outperforming the Hang Seng Index by 32 percentage points [15]. - DS employs a balanced strategy with a diversified portfolio across various sectors, aiming for long-term compounding returns [17]. - HA HX focuses on concentrated positions in underappreciated sectors, achieving a 56% return over 24 months, significantly outperforming the Hang Seng Index [21]. Group 4: Current Market Conditions - As of April 30, the PE ratio of the Hang Seng Index was 9.94, placing it at the 39.67% percentile over the last decade, indicating continued valuation attractiveness [22]. - The number of quality companies in Hong Kong is increasing, supported by improving fundamentals and the potential return of Chinese concept stocks [23]. - The process of market revaluation is ongoing, with southbound capital continuing to flow into Hong Kong stocks [24].
5月16日【港股Podcast】恆指、網易、阿里、中移動、康方生物、美團
Ge Long Hui· 2025-05-17 02:25
Group 1: Market Overview - The Hang Seng Index closed at 23,345 points, with investors considering the index's strength if it holds between 22,800 and 23,000 points. The past three days showed a volatility of 3%, making it challenging for derivative investors due to the lack of clear direction. The index is in a balanced state from April 23 to 30, with no significant change in the upward trend, although technical signals are not as strong as before. The support level is at 22,400 points, and the resistance level is at 23,800 points [1]. Group 2: Company Analysis - NetEase (09999) closed at 190 HKD, with strong buying signals indicated by 18 buy signals and only 2 sell signals. The stock has broken through the upper band of the Bollinger Bands, with the next resistance level at 213.9 HKD [3]. - Alibaba (09988) closed at 123.4 HKD, showing a weaker performance with a significant drop. However, it has not yet breached the middle line of the Bollinger Bands at 118.9 HKD. The support level is at 115 HKD, with a total of 14 buy signals and 6 sell signals, leaning towards a bullish outlook [5]. - China Mobile (00941) closed at 85.8 HKD, with a positive trend as it broke through the daily chart's top. The closing price is just above the top, indicating further upward potential. The resistance levels are at 87.5 HKD and 87 HKD [8]. - CanSino Biologics (9926) closed at 83.5 HKD, having fallen from 105 HKD. The stock remains below the Bollinger Bands, with 9 sell signals despite a primary buy signal. Key support levels are at 73.4 HKD and 75.8 HKD [11]. - Meituan (03690) closed at 131.4 HKD, with concerns about maintaining the 130 HKD level. The stock is on a downward trend, with support levels at 124.5 HKD and 126 HKD [14].
港股开盘 | 恒生指数低开0.23% 华润啤酒(00291)跌超6%
智通财经网· 2025-05-13 01:39
Group 1 - The Hang Seng Index opened down 0.23%, and the Hang Seng Tech Index fell 0.29% [1] - China Resources Beer dropped over 6%, while Li Auto fell over 2%. In contrast, UBTECH Robotics rose over 14% following a comprehensive cooperation agreement with Huawei [1] Group 2 - Cathay Securities noted that historical trends show that economic conditions, liquidity, and technical factors are crucial for the rise of Hong Kong stocks. They expect substantial progress in US-China trade negotiations and a decline in tariff risks, alongside the implementation of various incremental policies, which may lead to a stable macroeconomic recovery [2] - Domestic monetary easing measures have been implemented, maintaining liquidity, which could result in continued inflows of southbound funds into the Hong Kong stock market. Current valuations of Hong Kong stocks are at historically low levels, indicating high medium to long-term investment value [2] - China Galaxy Securities' chief strategist Yang Chao suggested focusing on consumer and technology sectors, as well as sectors with low trade dependency and high dividend yields in the short term [2] Group 3 - Citigroup's report anticipates moderate government stimulus to boost the domestic economy, particularly benefiting the consumer, internet, resources, and technology sectors. They believe that both mainland and Hong Kong stock markets appear undervalued, slightly below historical averages, maintaining a constructive outlook [3] - Citigroup upgraded the consumer sector to "overweight" and prefers domestic stocks, while downgrading the transportation sector to "neutral" due to rising US trade tariffs. They also favor large internet stocks and technology stocks supported by government policies [3] - Huatai Securities remains optimistic about the relative performance of Hong Kong stocks, suggesting a shift towards a more aggressive stance due to improved policy environments and low valuations in technology and consumer sectors [3] Group 4 - According to China Securities Journal, significant net inflows of southbound funds are expected from 2025 onwards, with strong inflows into ETFs indicating individual investors' interest in Hong Kong stocks. Estimates suggest a net inflow of HKD 80 billion to 100 billion for the year [4] - Huatai Securities' chief macroeconomist noted that overseas liquidity is likely to remain loose in the short term, which may not negatively impact Hong Kong stocks. Recent strong purchases of Japanese bonds and stocks by overseas investors suggest a global search for alternatives to US assets [4] - The Hong Kong dollar has strengthened recently, and while the interest rate differential with the US has narrowed, the strong Hong Kong dollar indicates potential global fund reallocation demand for Hong Kong stocks [4]
重要会谈重大进展!恒科大涨5%,港股加速起飞?
Xin Lang Cai Jing· 2025-05-12 10:06
Group 1 - The core point of the news is the significant progress made in the recent high-level economic and trade talks between China and the United States, leading to a substantial reduction in bilateral tariffs, which positively impacted the Hong Kong stock market [1][2][3] - The U.S. has canceled a total of 91% of the additional tariffs, while China has reciprocated by canceling 91% of its counter-tariffs, along with both sides suspending the implementation of 24% "reciprocal tariffs" [2][3] - The Hong Kong stock market showed a strong response, with the Hang Seng Index rising by 2.98% and the Hang Seng Technology Index increasing by 5.16% [2] Group 2 - The macroeconomic outlook for China is expected to improve, with potential GDP growth around 4.9% for 2025, despite previous concerns regarding the impact of U.S. tariffs on Chinese exports [3][4] - Recent policies aimed at stabilizing the economy, such as interest rate cuts and measures to boost domestic demand, are anticipated to yield positive effects, further supporting the recovery of the macroeconomic environment [4][15] - Historical analysis indicates that previous surges in the Hong Kong stock market were driven by factors such as economic conditions, liquidity, and technological advancements, suggesting a favorable environment for future growth [15][16] Group 3 - The technology sector in Hong Kong is expected to benefit from the implementation of AI applications and rising domestic demand, with a strong outlook for profitability and policy support [16] - The pharmaceutical sector is also poised for growth, driven by advancements in AI healthcare and favorable policies, with a focus on innovative drug development [16] - The automotive sector in Hong Kong is transitioning towards "intelligentization," presenting opportunities for investment in leading technologies and industry leaders [16]
港股通央企红利ETF南方(520660)三日连阳,收涨1.22%! 港股当前具有较高的投资性价比
Jin Rong Jie· 2025-05-12 07:26
Group 1 - The Hong Kong stock market opened high and maintained volatility, with significant gains in Chinese brokerage, airline, home appliance, and insurance stocks [1] - The China Southern ETF (520660) tracking the State-owned Enterprises Dividend Index rose by 1.22%, marking three consecutive days of gains [1] - The index's total dividend for 2024 is projected to exceed 567.5 billion, with 49 companies participating and a current dividend yield of 6.26%, outperforming mainstream indices [1] Group 2 - Everbright Securities suggests that the Hong Kong stock market offers high investment value due to supportive domestic policies and reduced overseas disturbances, indicating a potential for continued recovery [2] - Investors without stock accounts can access investment opportunities through the China Southern ETF (520660) by initiating linked funds [2]
央行设立5000亿元服务消费与养老再贷款,港股消费ETF(159735)涨近1.5%,阿里巴巴-W涨超2%
Group 1 - The Hong Kong stock market indices opened significantly higher, with the Hang Seng Index rising by 1.38% and the Hang Seng Tech Index increasing by 2.15% [1] - The consumer sector showed strong performance, with the CSI Hong Kong Stock Connect Consumer Theme Index opening up by 1.66% [1] - The Hong Kong Consumer ETF (159735) opened higher and was up by 1.47% at the time of reporting, with notable gains in constituent stocks such as Techtronic Industries (over 5% increase) and Haier Smart Home, Geely Automobile, and others (over 3% increase) [1] Group 2 - The People's Bank of China announced a new policy to establish a service consumption and elderly care relending program, with a total quota of 500 billion RMB and an interest rate of 1.5% [2] - China Galaxy Securities indicated that as the impact of U.S. tariff policies diminishes, investor risk appetite is gradually recovering, and the implementation of more proactive macro policies is expected to support stable earnings growth in the Hong Kong stock market [2] - Current valuations in the Hong Kong stock market are at historically low levels, suggesting that there is still significant investment value in the medium to long term [2]
港股开盘 | 恒生指数高开1.38% 比亚迪电子(00285)涨超4%
智通财经网· 2025-05-12 01:36
华泰证券表示,依然看好港股相对收益表现,适度转向进攻。 1)产业上,港股板块中,关税敏感性较 高的出口链及中游制造企业市值占比较低;2)政策环境改善有助于风险偏好提振;3)估值相对较低且受政 策支持的港股科技和消费板块仍具吸引力;4)美国经济硬数据转弱或提升全球资金再配置需求。中期 看,公募改革或进一步增加国内资金配置港股特色板块的需求。 银河证券认为,当前港股估值处于历史中低水平,中长期来看,投资价值仍然较高。配置方面,短期内 建议关注:受益于扩大内需政策的消费板块;自主可控程度提升的科技板块;贸易依赖度较低以及股息率 较高的板块。 恒生指数高开1.38%,恒生科技指数涨2.15%。比亚迪电子涨超4%,联想集团涨超3%,京东集团张超 2%。 对于外资未来是否加码港股市场这一问题,华泰证券首席宏观经济学家易峘表示,海外流动性短期 或"易松难紧",对港股难形成负面制约。4月,海外投资者购买日本债券和股票的规模创1996年以来最 高,这或意味着全球资金正寻求美国资产替代品。港元汇率近期持续走强,港美利差空间缩窄但港元强 势不改表明港股或存全球资金再配置需求。 关于港股后市 本文转载自"腾讯自选股";智通财经编辑: ...
南向资金年内流入近6000亿元基金经理深挖港股投资机会
Group 1 - Domestic capital has significantly increased its allocation to Hong Kong stocks, with net inflows of nearly 600 billion yuan this year, marking a new high in the past five years for the proportion of public funds allocated to Hong Kong stocks, which exceeded 30% as of the end of Q1 [2] - The total size of ETFs available for investment in Hong Kong stocks reached 178.99 billion yuan by the end of Q1, reflecting a growth of over 45% compared to the end of Q4 last year [2] - Goldman Sachs has raised its forecast for net southbound capital flows under the mutual market access mechanism between mainland and Hong Kong stock markets from 75 billion USD to 110 billion USD, citing the increasing attractiveness of Hong Kong stocks [2] Group 2 - The manager of the Southern Hong Kong Growth Flexible Allocation Mixed Fund believes that many growth stocks in Hong Kong have strong value attributes due to significantly increased shareholder returns, with valuations and overall dividend yields comparable to those of public utilities and cyclical industries [3] - The Hong Kong internet sector is viewed as a new value stock, with sufficient buybacks and dividends expected to offset the impact of foreign capital outflows, which have been a significant factor in the market's decline over the past three years [4] - The technology sector in Hong Kong is anticipated to benefit from the recent launch of high-quality, low-cost open-source models, driving the proliferation of artificial intelligence applications and creating new use cases [4]
你恐慌我贪婪!逾百亿资金借道ETF落袋为安,机构却在疯抢这个板块,多只相关ETF份额齐创新高
Mei Ri Jing Ji Xin Wen· 2025-05-10 04:10
每经记者|叶峰 每经编辑|肖芮冬 本周股指涨跌互现,沪深两市股票型ETF和跨境型ETF合计净流出约130亿元。 行业主题上看,芯片、人工智能相关ETF被资金看好,而创新药、消费相关ETF被资金抛售。 逾百亿元资金借道ETF离场 本周沪深两市成交5.29万亿元,其中沪市成交2.11万亿元,深市成交3.18万亿元。截至最新收盘,沪指报收于3342点,全周上涨1.92%,深证成指报收于 10126.83点,全周上涨2.29%。 | 证券代码 | 证券简称 | 收盘价 | 周涨跌幅 | 周份额变化 周资金净流入额 | | ETF规模 | | --- | --- | --- | --- | --- | --- | --- | | | | (元) | (%) | (亿份) | (亿元) | (亿元) | | 510300.SH 沪深300ETF | | 3.95 | 2.04 | -5.74 | -22.58 | 3782.93 | | 510050.SH 上证50ETF | | 2.74 | 1.89 | -1.09 | -2.96 | 1650.04 | | 510500.SH 中证500ETF | | 5.72 | ...
港股开盘 | 恒生指数高开2.24% 快手(01024)涨超5%
智通财经网· 2025-05-07 01:47
恒生指数高开2.24%,恒生科技指数涨2.72%。快手涨超5%,龙湖集团涨5%,友邦保险、阿里健康涨超 4%。 关于港股后市 据中国证券报,对于2025年以来南向资金整体大幅净流入的情况,中金公司海外策略首席分析师刘刚表 示,本轮南向资金大举流入的过程中,ETF资金的流入非常强劲,这背后可能存在不少个人投资者通过 ETF配置港股的情况。据刘刚测算,今年后续相对确定的南向资金增量大概在2000亿港元至3000亿港元 区间,预计全年累计净流入区间为8000亿港元至10000亿港元。 对于外资未来是否加码港股市场这一问题,华泰证券首席宏观经济学家易峘表示,海外流动性短期 或"易松难紧",对港股难形成负面制约。4月,海外投资者购买日本债券和股票的规模创1996年以来最 高,这或意味着全球资金正寻求美国资产替代品。港元汇率近期持续走强,港美利差空间缩窄但港元强 势不改表明港股或存全球资金再配置需求。 本文转载自"腾讯自选股";智通财经编辑:刘家殷。 华泰证券首席宏观经济学家易峘认为,近期美国方面释放关税谈判信号,短期贸易冲突或存降级空间, 风险偏好提振下港股或迎来重定价窗口。展望后市,短期贸易冲突悲观情绪缓和、中期港股 ...