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南向资金刷新纪录!科技股包揽港股通前五,恒生港股通科技指数配置价值凸显
Sou Hu Cai Jing· 2025-08-25 02:57
近期港股科技板块热度持续攀升,资金布局信号尤为鲜明。8月15日,南向资金单日净买入港股达 358.76亿港元,不仅刷新互联互通机制启动(2014年11月17日)以来的单日净流入纪录,更成为2025年 第四次单日净流入破纪录的标志性事件。值得关注的是,当日沪深两市港股通净买入前五的个股均为科 技板块核心成分股,直观反映出内地资金对港股科技标的的强烈配置需求,板块景气度与市场关注度同 步升温。相关板块配置机会可持续关注,港股通恒生科技ETF(520840),跟踪恒生港股通科技主题指 数(HSSCITI),深度覆盖与AI高度相关的港股核心标的。 政策与产业共振,科技板块获全方位支撑 当前科技板块的强势表现,离不开政策与产业的双重驱动。从政策端看,多层次、全方位的科技金融支 持体系已逐步成型:国家金融监督管理总局聚焦科技金融产品与服务创新,研究制定科技保险政策以强 化风险补偿;上海针对性推出低空经济、人形机器人等前沿领域的定制化保险服务,推动产业链保险模 式突破;湖北以武汉科技金融中心为支点,重塑政策体系并开展改革试点;央行、科技部等部门则分别 从金融科技发展规划、粤港澳大湾区科创协同等维度发力,激活数据要素、优化科 ...
美联储降息预期升温,A股能否借此东风开启新一轮上涨行情?
Sou Hu Cai Jing· 2025-08-24 03:12
美联储降息预期的升温,如同一石激起千层浪,瞬间在全球金融市场引发了巨大反响。昨日,美元指数遭遇重挫,一度下滑近1%,这一变动无疑为下周即 将开市的港股和A股市场带来了积极的信号。尤其是港股,在美元贬值的大背景下,外资流入人民币资产的可能性大增,这无疑为港股市场注入了一剂强心 针。 分析人士指出,美联储的降息预期不仅直接利好港股,对A股市场也构成了间接的正面影响。这一预期激发了市场的做多情绪,为A股市场增添了新的动 力。然而,若美联储将抗通胀置于首位,9月份的降息可能性或将降低。一旦美联储未能如市场预期般降息,而是采取渐进式降息策略,全球金融市场或将 面临新的波动。对于正处于牛市中的A股市场而言,美联储的降息决策无疑是一个重要的影响因素。 在今日的交易中,A股三大指数呈现出高开高走的强劲态势,再次向上发起冲击。尽管盘中指数大涨,但市场内部表现却呈现分化。据和讯投顾沈志华分 析,近期大盘指数呈现交替拉升的特点,周五盘中,除券商和科技大票拉动指数外,整体盘面表现平平,上涨家数不足半数。然而,随着指数站上3800点, 券商板块再次发力,科技、科创、芯片等板块也大幅拉升,这些板块正是近期市场关注的热点。 沪指在今日交易 ...
预期升温引爆全球市场!8月24日,A股要迎来新一轮行情了吗?
Sou Hu Cai Jing· 2025-08-23 17:27
一、突然宣布降息!我以为,美联储的降息预期升温直接导致全球市场沸腾,因为昨夜美元指数一度下跌近1%,这对下周一的港股和A股来说又是利好 了,美元降息的利好更直接于港股,毕竟美元贬值的情形下,外资流进人民币资产的可能性是存在的。 在我看来,这会大大提升港股的可靠性,对A股来说则构成间接性利好,从情绪方面而言会进一步激发做多动力。当美联储把抗通胀放在第一位时,美联储 9月份降息的可能性就下降了。如果美联储不能如资本市场预期的那样进行降息,而是采取渐进式的降息步骤,那么全球的金融市场都会受到影响。对于咱 们牛市来说,美联储如果不降息会打乱牛市的进程。 二、A股三大指数今日高开高走,再度上攻! 又是指数大涨一天,接下来行情这些方向还会表现。和讯投顾沈志华分析称,首先大盘指数这一段时间都是交替拉升,周五盘中除了券商以及科技大票拉升 指数的情况下。 其实盘面是一般的,盘中只有2000多家上涨,3000多家下跌局面。指数站上3800点之后,主要是券商再次发力,那么看到科技科创芯片大幅拉升,也就是我 们这一段时间讲到过的。 A股放量逼空式大涨,突破3800点,科创芯片、半导体证券板块大涨,证券板块又拉升冲高一波证券板块的这波 ...
政策引导、估值修复、行业转型 公募基金机构掀起自购热
Jing Ji Ri Bao· 2025-08-22 23:31
近期,公募基金机构掀起自购热。万得数据显示,截至8月21日,今年已有超130家公募基金公司启动自 购,自购总额超50亿元。其中,权益类基金产品的自购金额占据较大比例,尤其是股票型基金和混合型 基金。公募基金自购热是政策引导、市场估值修复与行业转型的共振结果,不仅体现了基金公司对自身 投研能力和市场前景的信心,也通过利益绑定增强了投资者的信任。 公募机构自购热离不开政策的有力引导。中国证监会5月7日发布《推动公募基金高质量发展行动方 案》,鼓励自购旗下权益类基金规模,并明确提出,将3年以上中长期业绩、自购旗下权益类基金规 模、投资行为稳定性、权益投资增长规模等指标的加分幅度在现有基础上提升50%。 "当前自购热既是政策与市场的共振,也是行业转型的必然选择。自购能够强化投资者与基金管理人利 益一致性,为资本市场注入长期稳定性。"南开大学金融学教授田利辉认为,从短期看,自购热为市场 注入流动性,提振情绪。公募基金作为"稳定器",通过自购缓解抛压、修复估值,尤其在经济复苏预期 增强的背景下,有助于吸引长期资金入市。从长期看,自购热推动行业高质量发展。自购倒逼基金公司 聚焦投研能力,减少短期投机,强化与投资者的长期信任 ...
政策引导、估值修复、行业转型—— 公募基金机构掀起自购热
Jing Ji Ri Bao· 2025-08-22 22:13
在此背景下,权益类基金具有长期配置价值,尤其在市场估值低位时布局,长期收益空间更大。其以股 票、股票型基金等权益类资产为主要投资标的,通过专业团队跟踪市场,分享企业成长红利,具有高波 动性、长期收益潜力突出、与宏观经济关联度高等特征。 "当前自购热既是政策与市场的共振,也是行业转型的必然选择。自购能够强化投资者与基金管理人利 益一致性,为资本市场注入长期稳定性。"南开大学金融学教授田利辉认为,从短期看,自购热为市场 注入流动性,提振情绪。公募基金作为"稳定器",通过自购缓解抛压、修复估值,尤其在经济复苏预期 增强的背景下,有助于吸引长期资金入市。从长期看,自购热推动行业高质量发展。自购倒逼基金公司 聚焦投研能力,减少短期投机,强化与投资者的长期信任,助力A股从"估值修复"迈向"价值发现"。 业内人士提示,对于当前公募机构自购热,投资者需理性看待。"自购是积极信号,但非绝对保证。"田 利辉表示,部分机构自购可能带有营销属性,投资者需要结合产品底层逻辑、基金经理能力与持仓结构 综合判断。例如,大额自购且锁定周期较长的基金更值得参考,而短期一次性自购基金则需警惕风格漂 移或资源倾斜不足的风险。总的来说,投资者应保持 ...
55倍PE吓退董承非?芯朋微被砍仓,资金火速转向两大新标的
Hua Xia Shi Bao· 2025-08-22 13:17
Core Insights - The article discusses the recent portfolio adjustments made by Dong Chengfei, Vice General Manager of Shanghai Ruijun Asset Management Co., highlighting his investment strategies in the semiconductor and consumer sectors [1][9]. Group 1: Investment Activities - Dong Chengfei initiated a position in Yangjie Technology, investing approximately 133 million yuan, marking a focus on the semiconductor sector [1][4]. - He also entered a new position in Rabbit Baby, acquiring 606,800 shares, which reflects a strategic move towards consumer building materials [1][3]. - Dong reduced his holdings in Chipone Technology and Dinglong Co., indicating a shift from aggressive to defensive strategies [6][7]. Group 2: Company Performance - Yangjie Technology reported a revenue of 3.455 billion yuan and a net profit of 601 million yuan for the first half of the year, with significant year-on-year growth of 20.58% and 41.55% respectively [4]. - Rabbit Baby's revenue for the first half was 3.634 billion yuan, down 7.01% year-on-year, but net profit increased by 9.71% to 268 million yuan, supported by its high dividend payout [3][4]. - Chipone Technology's revenue reached 636 million yuan, a 40.32% increase, with net profit growing by 106.02% to approximately 90 million yuan [7][8]. Group 3: Market Trends - The stock prices of the four companies held by Dong have shown positive performance, with Yangjie Technology and Chipone Technology increasing by 45.96% and 52.86% respectively since the first quarter [2][9]. - Rabbit Baby's stock price rose by 1.47% in the second quarter, while Yangjie Technology's stock price increased by 33.6% during the same period [5][9].
巴菲特指标显示A股被严重低估!沪深300仅13倍PE,消费龙头估值创历史新低
Sou Hu Cai Jing· 2025-08-21 23:42
结构性机会涌现 消费板块呈现出明显的价值修复潜力。中证消费指数PE仅为18.9倍,PE分位数降至1.2%的历史极低水平。白酒、食品饮料等细分领域的龙头企业,在经历 充分调整后,估值吸引力日益凸显。泸州老窖以35%的ROE对应12.3倍PE,伊利股份20%的ROE对应11.5倍PE,这些数据反映出优质企业的价值被严重低 估。 科技创新领域同样蕴含着巨大机遇。尽管部分科技股估值仍处高位,但经过市场分化调整,真正具备核心竞争力的企业开始显现投资价值。新能源、人工智 能、生物医药等新兴产业,在政策支持和技术进步双重驱动下,正迎来发展的关键节点。这些行业不仅代表着未来经济增长的新动能,也为投资者提供了参 与中国经济转型升级的重要途径。 当前市场环境下,投资机会正在悄然显现。多重因素汇聚,为投资者创造了难得的配置窗口。市场估值水平已回落至历史相对低位,资产价格与内在价值之 间的偏差为理性投资者提供了入场契机。 估值修复空间显著 中国股市整体估值处于相对低位,这一现象在多个维度得到印证。沪深300指数市盈率仅为13.11倍,远低于历史均值水平。更为重要的是,巴菲特指标显示 中国股票被明显低估。该指标通过股票总市值与GDP的 ...
机构看好券商股后续行情
Zhong Zheng Wang· 2025-08-21 12:04
Group 1 - The core viewpoint of the articles highlights the strong performance of brokerage stocks in the A-share market, characterized by a "double 20 trillion yuan market," indicating robust trading volume and market sentiment [1] - The current market environment shows a sustained growth in brokerage performance, with increased trading volume, margin financing balance, and issuance of equity products, leading to a valuation recovery for brokerages [1] - Historical data indicates that the brokerage sector is currently in a "lagging" state, with the brokerage index only rising about 10% year-to-date as of August 18, compared to significant gains in previous years [2] Group 2 - The brokerage sector's price-to-book (PB) ratio is at a historical low, with the current PB for 2025 estimated at 1.45 times, suggesting a potential 25% upside in valuations as market activity increases [2] - Analysts emphasize the importance of recognizing the rebound opportunities in the brokerage sector, driven by active trading and regulatory innovations [2] - Investors are encouraged to consider the Yinhua Fund's brokerage ETF (159842) as a low-cost, efficient investment tool to capitalize on the current market opportunities, with a management fee of only 0.15% [3]
中金 | 美国住宅建筑商:把握利率预期变动下的投资机遇
中金点睛· 2025-08-19 23:41
Core Viewpoint - The U.S. residential construction sector is experiencing short-term pressures alongside long-term potential, with challenges including inventory and price pressures, profit margin squeeze, and housing affordability issues. However, the underlying demand for housing remains strong, indicating potential for recovery if key variables shift positively [2][4][6]. Inventory and Price Pressure - New home inventory has been rising since 2023, leading developers to adopt price reduction strategies or sales incentives to accelerate sales, resulting in a 7% year-on-year decline in new home sales prices as of Q2 2025 [4][5]. - As of mid-2025, 38% of developers have lowered prices, while 62% have offered sales incentives, with discounts averaging 6%-8% off the sales price [4]. Profit Margin Pressure - U.S. residential builders are facing significant profit margin pressures due to high land, labor, and financing costs, alongside additional promotional costs. The average gross margin for major builders has declined by 3 percentage points year-on-year as of Q2 2025 [5][6]. Housing Affordability Constraints - The housing affordability index has dropped from 100.9 at the end of 2024 to 94.4 in mid-2025, indicating a decrease in buyer confidence and purchasing power in a high-interest rate environment [6][7]. Valuation Dynamics - The valuation of residential builders is expected to undergo a two-phase recovery: the first phase driven by changes in interest rate expectations leading to valuation multiples expansion, and the second phase driven by profit recovery, which is subject to various macroeconomic uncertainties [3][7]. - Current valuation multiples have decreased by 20%-30% from previous highs, providing a safety margin for investors [9]. Investment Opportunities - The initial phase of investment opportunities is linked to the anticipated changes in interest rates, with a focus on companies with low valuation levels but high return on equity (ROE). The recovery in profitability may vary based on product types and market coverage [9][10]. - Companies with a market share in entry-level products and those operating in high-immigration areas are expected to see order volume recovery first [9][10]. Key Financial Metrics - The average asset-liability ratio for U.S. residential builders has slightly increased in 2025, while gross margins have generally declined by 3 percentage points year-on-year as of Q2 2025 [43][44]. - Return on equity (ROE) and return on assets (ROA) have shown a downward trend, averaging 20.5% and 11.5% respectively as of mid-2025, although still above the S&P 500 average [44][50].
国际金融机构:政策落地与估值修复驱动中国股市上行
Sou Hu Cai Jing· 2025-08-19 15:27
Group 1 - The recent performance of A-shares is driven by multiple economic stabilization policies, improved valuations, and positive earnings expectations for listed companies [1] - Various policies implemented by the Chinese government aim to curb excessive competition, which is expected to enhance corporate profit margins and improve the overall economic fundamentals [3] - The Chinese government has introduced over 50 measures across 16 industries to promote sustainable industry development and stronger corporate earnings [5] Group 2 - The valuation of major assets in the Chinese stock market remains low compared to historical levels, making A-share blue-chip stocks more cost-effective relative to high P/E ratios of large-cap tech companies in the US [7] - The dynamic P/E ratio of the S&P 500 is around 22 times, while the MSCI China Index is approximately 12 times, and A-shares are slightly higher at around 13 times, indicating that they are not overly expensive even after recent gains [9] - The outlook for Chinese securities is positive due to potential foreign capital inflows, stabilization of international geopolitical risks and tariff issues, and supply-side reforms targeting excessive competition [11]