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外资或进一步增持 基金经理看好港股三大方向
● 本报记者 魏昭宇 国庆长假期间,A股休市,港股市场表现受到投资者重点关注。10月以来,港股市场整体走势较为震 荡,恒生指数在10月2日涨超1.6%后,随后三个交易日连续调整。 从业绩端来看,优质港股公司正展现出较强的业绩向好趋势。华安基金认为,上半年港股上市公司盈利 能力改善,且呈现出鲜明的"新兴驱动"特征。数据显示,从营业总收入来看,2025年上半年,超过1230 家港股企业实现了营收增长。从一级行业来看,2025年上半年,信息技术、可选消费行业的营业总收入 同比增速均超10%,显著领先于其他行业,成为拉动港股公司盈利增长的核心引擎。 科技板块配置价值凸显 "恒生科技"是不少基金经理在策略会上频繁提及的热词。 近期,全球资本"活水"随着美联储开启新一轮降息周期而流向更多市场。当流动性宽松的闸门再次开 启,估值优势显著、与内地经济联动紧密的港股市场,站在了风口之上。在近期多家公募机构举办的策 略会上,加大对港股的配置成为了共识性的判断。有业内人士表示,外部资金流入港股市场的意愿显著 增强,以港股为代表的中国资产或得到外资的进一步增持。 港股市场或迎增量资金 汇丰晋信基金的基金经理许廷全表示,今年以来港股显 ...
基金经理看好港股三大方向
"恒生科技"是不少基金经理在策略会上频繁提及的热词。 国庆长假期间,A股休市,港股市场表现受到投资者重点关注。10月以来,港股市场整体走势较为震 荡,恒生指数在10月2日涨超1.6%后,随后三个交易日连续调整。 近期,全球资本"活水"随着美联储开启新一轮降息周期而流向更多市场。当流动性宽松的闸门再次开 启,估值优势显著、与内地经济联动紧密的港股市场,站在了风口之上。在近期多家公募机构举办的策 略会上,加大对港股的配置成为了共识性的判断。有业内人士表示,外部资金流入港股市场的意愿显著 增强,以港股为代表的中国资产或得到外资的进一步增持。 港股市场或迎增量资金 汇丰晋信基金的基金经理许廷全表示,今年以来港股显著走强,主要受益于三大因素。第一是估值的修 复,"一些互联网大厂经过近3年的降本增效,从去年三季度开始,业绩持续好于市场预期,互联网巨头 持续业绩超预期带动港股估值回升"。其次是投资者情绪的修复,"DeepSeek大模型公布、人形机器人产 业向好、创新药集体出海等因素,都让全球投资者有了更强的信心"。第三是全球货币政策转向,"美联 储进入了新一轮降息周期。未来可能会加快降息节奏,这利好包括港股在内的其他市场" ...
怪不得最近美股持续新高呢,还有黄金也是不断创出新高,今天原因终于浮出了水面,那就是美国在7年之后再次关门了
Sou Hu Cai Jing· 2025-10-03 15:13
你有没有发现,最近这股子行情有点反常,美股天天创新高,黄金也跟着上天,一般人看了都以为世界要发财了。可偏偏美国这边搞了个大新 闻,7年之后又一次关门。你说气不气?按理说这是风险事件,可华尔街却硬是看成美联储10月要降息的信号。 但问题来了,鲍威尔之前的表态可不是这么松。他一再强调通胀依然高企,虽然往下走但没到安全区。美联储内部还在反复权衡,不可能完全听 市场喊就立刻松口子。所以我觉得这次所谓100%降息,更多是华尔街自己脑补出来的情绪,带点赌的意味。 反而从市场反应来看,最直接受益的是港股。昨天恒生指数和恒生科技指数都大涨,这个很明显就是提前把"美联储要放水"的逻辑消化进去了。 资金最爱的是预期,不是真实动作。只要美联储可能降息,资本就敢抢跑,尤其是在外围流动性紧绷的背景下,香港市场格外敏感。 我也在想,美股现在的上涨到底是真基本面支撑,还是纯粹靠情绪。标普500一路新高,可如果你去看企业盈利增速,其实没多大改善。反而是 裁员潮、就业放缓这些信号在堆积。路透社9月的数据就显示,美国非农新增岗位已经放缓到了15万人以下,远低于去年动辄30万的水平。这些 都是硬指标,不是靠嘴能忽悠过去的。 换句话说,现在的市场像 ...
港股四季度怎么投?基金经理这样说
随着美联储开启新一轮降息周期,全球资本的"活水"正流向更多地区。 近期,多家公募举办策略会,加大对港股的配置成为了共识。业内人士人为,外部资金流入港股市场的 意愿正显著增强,以港股为代表的中国资产或将进一步被外资增持。 港股有望在降息周期中持续受益 汇丰晋信基金基金经理许廷全表示,今年以来,港股行情走强,主要受益于三大因素:第一是估值的修 复。"一些互联网大厂经过过去3年的降本增效,从去年三季报开始,盈利已经优于预期,这一预期也带 动港股估值回升。"其次是信心的修复。"今年年初DeepSeek大模型公布、春晚上的机器人表演、创新药 集体出海等,都让全球投资者有了更强的信心。"第三是全球货币政策转向。"美联储进入了新一轮降息 周期。未来美联储可能会加快降息节奏,这有望利好包括港股在内的新兴市场。" 从资金面上看,港股市场或迎来更多增量资金涌入。"港股市场近来备受公募青睐,且南向资金持续买 入,内地投资者对港股低估值资产的配置需求日益旺盛。"富国中证港股通互联网ETF基金经理田希蒙 表示,"全球资金再配置需求有望打开再定价窗口,全球资金再配置若持续验证,叠加风险偏好回暖, 港股优质特色产业优势或受益。" 从盈利端 ...
标的指数年内涨超41%,恒生科技ETF天弘(520920)一日结募
Group 1 - The Hang Seng Technology ETF Tianhong (520920) was officially listed for trading on September 30, 2023, after its establishment on September 22, 2023 [1] - The fund attracted over 1.2 billion yuan in subscription funds within just one day of its launch, marking it as the fourth equity ETF in the market this year to achieve single-day fundraising and the highest single-day fundraising equity ETF since Q2 [1] - The Hang Seng Technology ETF closely tracks the Hang Seng Technology Index, which consists of the top 30 Hong Kong stocks related to technology, covering sectors such as information technology, consumer discretionary, and communication services [1] Group 2 - The Hang Seng Technology Index has shown a year-to-date increase of 41.54% as of September 29, 2023, indicating strong performance [1] - The current price-to-earnings (PE) ratio of the Hang Seng Technology Index is 24.22 times, which is at a historical low compared to the past five years [1] - The Hang Seng Technology Index has outperformed other major Hong Kong indices in terms of revenue and net profit growth, with a revenue growth rate of 14.43% and a net profit growth rate of 16.18% for Q2 2025 [2]
国泰海通晨报-20250929
Group 1 - The report emphasizes that the recent market adjustments present investment opportunities, and the Chinese stock market is expected to continue its upward trajectory, driven by factors such as the decline in risk-free returns and capital market reforms aimed at improving investor returns [2][3][4] - The report highlights that the Chinese economy is transitioning from a "L-shaped" recovery to a more stable growth phase, with corporate revenue and inventory growth stabilizing over the past two quarters, indicating a potential for improved asset returns and stock valuations [3][4] - The report suggests that emerging technology sectors remain a key investment focus, with recommendations for increasing allocations in cyclical financial stocks, particularly in the context of the ongoing recovery in the Hong Kong stock market [4][5] Group 2 - The transportation sector is expected to see strong performance, particularly in aviation, where demand is anticipated to surge during the upcoming holiday season, leading to optimistic profit forecasts for airlines [11][12] - The oil shipping market is experiencing a significant increase in freight rates, reaching a 30-month high, which is expected to positively impact profitability in the coming quarters [13][14] - The express delivery sector is also projected to recover profitability due to effective price increases and regulatory support against excessive competition, marking a positive outlook for Q3 [14][15] Group 3 - The report indicates that the Hong Kong stock market, particularly the Hang Seng Technology Index, is undervalued compared to historical averages, with potential for significant upward movement as technology stocks recover [28][30] - It is noted that the current price-to-earnings ratios for the Hang Seng Index and Hang Seng Technology Index are significantly lower than their peaks in 2021, suggesting room for valuation recovery [28][30] - The report anticipates that the combination of improving fundamentals and continued foreign capital inflows will support the Hong Kong market reaching new highs in the fourth quarter [31][32]
[9月26日]指数估值数据(大盘回调;港股科技指数有哪些,估值如何;港股指数估值表更新)
银行螺丝钉· 2025-09-26 14:00
文 | 银行螺丝钉 (转载请注明出处) 今天大盘下跌,中证全指下跌1.2%,截止到收盘,还在4.2星。 大中小盘股都下跌,小盘股波动大一些。 红利等价值风格略涨。月薪宝含价值风格比较多,也略微上涨。 港股也出现波动。港股红利微涨,港股科技股下跌超2%。 螺丝钉也汇总了关于港股指数的估值,供参考,见文章下方图片。 今天市场波动,也跟特朗普重提加关税有关。 上半年4月份也来过一轮,也主要是影响市场短期的情绪。 上半年螺丝钉也提到过,对美元来说,关税是一把双刃剑。 关税提升,不利于美元通货膨胀降低; 庞大的美元负债,较高的利息支出,对美元压力也比较大。 所以关税来回扯皮,真正落地的高关税并不多。 这几天市场还是风格轮动。 今天成长风格下跌较多。创业板下跌超2%。 如果美元通货膨胀降不下去,那美联储降息节奏会放缓。 提高关税更多的是一个谈判工具,而非最终的目的。 同时看市场短期波动,是不是可以带来一些品种低估的机会。 像今年4月份关税危机的时候,也是今年A股港股很好的投资阶段。 1. 有朋友问港股科技类指数好像有很多,它们有啥区别呢? 这里面涉及到几个名词。 (1)中概 意思是中国概念股票。 在美股、港股上市,但主营 ...
港股科技板块投资机会分析及指数概述
Xin Lang Cai Jing· 2025-09-22 13:25
Core Viewpoint - The Hong Kong stock market has shown strong performance, with the Hang Seng Index surpassing 27,000 points, marking a three-and-a-half-year high, driven by several key factors including improved overseas liquidity and stable earnings expectations for tech stocks [1] Group 1: Market Performance - The Hang Seng Index has achieved a significant increase, ranking among the top global stock markets [1] - In September, southbound capital inflow into Hong Kong stocks reached 105.2 billion, with 30 billion and 16.8 billion flowing into tech and internet sectors via ETFs respectively [1] Group 2: Technology Indices Overview - Major Hong Kong tech indices include the Hang Seng Tech Index, Hang Seng Internet Tech Index, and Hong Kong Stock Connect Tech Index, all of which have seen growing fund sizes [2] - The Hang Seng Tech Index fund size grew from 8.587 billion in 2020 to 278.536 billion in 2025, while the Hong Kong Stock Connect Tech Index reached 43.270 billion since its inception in 2022 [2] Group 3: Stock Selection and Industry Distribution - The Hang Seng Tech and Hang Seng Internet Tech Indices can invest in all tech companies in the Hong Kong market, providing diversification, while the Hong Kong Stock Connect Tech Index is limited to designated stocks [3] - The Hang Seng Tech Index covers a wide range of industries, focusing on the AI supply chain, semiconductors, and new energy vehicles, while the Hong Kong Stock Connect Tech Index emphasizes consumer electronics and e-commerce [4] Group 4: Heavyweight Holdings and Market Style - The Hang Seng Tech Index has a balanced weight distribution across various tech sectors, while the Hong Kong Stock Connect Tech Index is concentrated in leading companies like Tencent and Xiaomi [5] - The Hang Seng Tech Index primarily consists of large-cap companies with market caps over 100 billion, whereas the Hang Seng Internet Tech Index leans towards mid and small-cap stocks [6] Group 5: Investment Opportunities - The current market environment presents a favorable window for investing in the Hong Kong tech sector, supported by improved expectations, low valuations, and capital inflows [8] - The three major indices have a price-to-earnings ratio around 20, below the 50th percentile of the past decade, indicating a valuation advantage compared to global tech indices [9]
机构研究周报:恒生科技利率敏感性高,美联储年内或再降息两次
Wind万得· 2025-09-21 22:36
【 摘要 】华泰柏瑞基金指出,利率敏感性较高的港股科技板块更受到资金青睐,尤其恒生科技 指数。摩根资产管理认为,美联储年内再降息2次的概率提升,美元可能继续走弱。 一、焦点锐评 1.美联储如期降息25个基点至4.00%-4.25% 当地时间9月17日,美联储如期降息25个基点,将联邦基金利率下调至4.00%-4.25%,为年内首次 降息,也是时隔9个月后重启降息。同时,美联储下调超额准备金利率25个基点至4.15%,下调储 备金利率25个基点至4%。美联储点阵图显示,2025、2026、2027年底和长期联邦基金利率预期中 值分别为3.6%、3.4%、3.1%、3.0%(6月预期为3.9%、3.6%、3.4%、3.0%),2028年底联邦基金 利率预期中值为3.1%。 【解读】中金公司李求索等指出,美联储降息可能缓解我国货币政策外部掣肘,同时带来弱势美 元并伴随全球资金再配置。人民币资产或受益于全球货币体系碎片化和多元化的双重红利,尤其 是海外资金回流及全球再平衡资金导入。此外,全球资金流动性释放对美元汇率产生下拉效果, 进一步促进资金配置转向中国资本市场。 二、权益市场 1.国信证券:风格或阶段性向价值平衡 ...
上证120分钟顶部结构,需要调整多久?
Sou Hu Cai Jing· 2025-09-21 07:36
Group 1 - The market is experiencing volatility, particularly following the Federal Reserve's interest rate cut, leading to a "buy the rumor, sell the news" scenario [1] - Many investors incorrectly anticipate that the People's Bank of China (PBOC) will follow suit with rate cuts, despite a lack of prior indications and current bank lending margins not supporting such actions [3] - The Hang Seng Tech Index, which is directly influenced by the US dollar, showed a pattern of opening high and then retreating [4] Group 2 - Upcoming meetings involving key figures are scheduled for post-market hours, which may lead to different market reactions compared to previous meetings held before market opening [6] - There is skepticism regarding the potential for significant announcements or "incremental" changes from the upcoming meetings, especially in light of recent market adjustments and the slow market conditions expected leading into the National Day holiday [7] - The Shanghai Composite Index is showing signs of forming a top structure across multiple time frames, indicating potential market corrections in the near term [10]