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盈選報告 | 監管政策風險壓制港股,關注光伏、體育用品板塊

市場策略

▍興業證券首席張憶東認爲,8月份,產業監管政策風險和信用風險可能仍將壓制港股整體行情,提防內、外資撤離港股避險的短期行爲仍將繼續,甚至矯枉過正。產業監管政策變化以及後續圍繞制裁及反制裁的跨境監管政策風險,可能導致外資繼續流出港股,市場避險情緒明顯上升,國際資本回流美國,表現爲港幣和人民幣貶值。建議耐心淘金醫藥、體育鞋服、新消費等領域,尋找高性價比的投資機會。

▍平安證券認爲,8月的港股市場仍將以弱勢震盪爲主基調,政策端並不友好的互聯網需要規避。就防守端而言,公用事業與電訊業板塊是重點配置領域;而反擊端,建議均衡關注汽車行業與邊緣消費的同時,適當關注部分上遊的高景氣板塊。

熱點機會

▍光伏板塊:

中金公司表示,光伏需求可持續性提升+行業利潤空間擴大 板塊估值繼續向上。我們認爲背後是全球光伏進入平價時代,行業發展邏輯出現了從"價跌量增"向"量利雙增"的關鍵性轉折,而碳中和目標下傳統能源排放成本上漲,有望進一步提振新能源電力的量價預期。

▍體育用品板塊:

高盛發表報告指,國務院昨日印發全民健身計劃的通知,目標於2025年全國體育產業總規模達5萬億元人民幣,意味於2019年至2025年的年均複合增長率爲9%。該行表示,新五年計劃支持體育大衆化,相信隨着設施及指引增加以呼籲參與運動,中國已有良好定位發展體育產業。高盛預期,中國體育服飾市場於今年至2025年的年均複合增長率爲13%,對其覆蓋研究的體育服飾股繼續有信心,料李寧及安踏可受惠於行業增長及“國潮”趨勢,維持兩股買入評級,目標價分別103港元及215港元。

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