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港股估值吸引力升高,恒生科技ETF大升2.7%

今日港股全線高開,其中恒生科技指數一度升超3%,截至收盤,恒指收升1.17%,恒生科技指數大升2.14%。

ETF方面,相關港股ETF全線飄紅華安基金恒生互聯網ETF升2.77%,華夏基金恒生互聯網ETF升2.44%,易方達恒生新經濟ETF升2.33%。

目前市面上有多隻恒生科技相關的ETF產品,規模超百億的有三隻,分別是華夏基金恒生互聯網ETF、華夏基金恒生科技指數ETF和華泰柏瑞基金恒生科技ETF,規模最大的是278.9億元。

消息面上,拜登宣稱“美中關係應會在很短時間內緩和”。

其實在美聯儲5月議息會議上如期加息25基點,並且對接下里的加息路徑給予較為鴿派的觀點,認為加息終點已至。長期來看,美債利率將下行,美元走弱,這對港股科技股是正面影響。

在這種情況下,連日下跌的港股原本應該有較好的表現,但事實並不是如此。這是因為4月的宏觀經濟數據較為不甚樂觀。4 月工業增加值、社零、固定資產投資增速、社融、CPI等數據不及市場預期。

港股的投資關鍵除了跟美元流動性有關,國內的宏觀基本面的影響也很關鍵。疊加上週人民幣匯率貶值跌幅關鍵關口進一步讓股市承壓。

好在週末,央行明確態要堅決抑制匯率大起大落,隨後人民幣匯率快速升值。

同時,關乎港股流動性的RMB櫃枱交易有了重大進展,擬於6月19日推出,目前已經發出申請的有騰訊、阿里、京東、百度等互聯網大廠,這會一定程度提升恒科流動性。

適逢G7會議公佈的公報,沒有超出預期的限制措施,市場的擔憂減輕。

從微觀角度來看,互聯網龍頭平台業績超預期,有望帶動市場情緒。騰訊首季經營溢利超預期,同時收入恢復同比雙位數增長;經調整經營溢利同比增長32%,經調整經營利潤率同比增長5.3個百分點至32.3%,為2020年第二季以來新高。

阿里第四財季營收2082億元人民幣,同比增2%,調整後淨利潤273.8億元,同比增38%。

百度首季核心收入同比升8%至230億元人民幣,勝於預期,其中核心廣吿收入則同比升6%,而調整後核心營運利潤率為23%。

對於港股後續的投資策略,廣發證券維持“港股天亮了,千金難買牛回頭”的觀點,建議把握三條主線:數字經濟AI+、央國企重估;廣義流動性敏感+成長:創新藥/器械/黃金;精選必選消費:啤酒。

天風國際看好港股全年修復,企業盈利處於上行週期,流動性和風險偏好趨向改善。目前港股估值吸引力高,龍頭平台估值性價比凸顯。在 AI 人工智能佈局方面,

許多港股優秀的互聯網公司具有技術、人才和多場景及落地能力。

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