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《大行報告》瑞銀:對中國市場前景仍保持樂觀 仍需更多具體措施以提振投資者情緒
瑞銀發表研究報告指出,外國機構投資者在第二季進一步減持中國倉位,對於最近更新投資組合持倉的約1,000隻共同基金而言,第二季平均減持1.8個百分點,相對於第一季減持1.7個百分點,而去年第四季減持1.3個百分點。由於股價下跌,該行認為該些共同基金的拋售量低於預期,另估計該些基金的中國公司持股量仍高於去年第二季水平。 該行認為,第二季外資流入最多的行業包括休閒、餐飲和教育等消費服務業,而流出最多的行業包括天然氣公用事業和汽車零件。外資機構流入最多的是新東方教育科技集團(EDU.US)、再鼎醫藥(ZLAB.US)和中銀航空租賃(02588.HK),流出最多的是金蝶(00268.HK)和維達(03331.HK)。 季內南向資金流入最多的行業包括通訊服務和能源,而金融和非必需消費品行業的流出最多。個股方面,南下資金流入最多的是中石油(00857.HK)、康希諾(06185.HK)和康龍化成(03759.HK),流出最多的是呷哺呷哺(00520.HK)和融創(01918.HK)。 此外,該行指在7月政治局會議後,出現一系列的政府部門後續活動/公告,包括支持消費的措施;進一步放寬購房限制;改善私營企業投資措施;降低小企業稅;降低抵押貸款利率;據報中證監與當地券商討論提振市場活動和投資者信心措施。儘管可能需要更多具體措施和實施細節來進一步提振投資者情緒,但鑑於中國股市估值不高、投資者定位較低、有利於增長的政策環境,以及上市公司穩健的盈利增長,該行對中國市場前景仍保持樂觀。
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