精品网曝门白浆一区二区三区_国产精品线在线精品国语_亚洲国产三级在线观看看_日本在线一区二区三区免费观看_亚洲成a人片在线观看无遮挡_久久99精品久久久久婷婷_精品国产aⅴ_蜜臀av电影在线观看_欧美一区二区三区四区在线观看_狠狠色丁香婷婷久久综合考虑

港股7月跌幅巨大。港股2021年7月份的下跌是創(chuàng)紀(jì)錄的。恒生指數(shù)和恒生國(guó)企指數(shù)的跌幅分別為9.9%和13.4%，分別創(chuàng)出2018年10月和2016年1月以來(lái)最大月度幅。恒生科技指數(shù)當(dāng)月下跌16.85%，創(chuàng)下該指數(shù)自去年7月推出以來(lái)的最大月度跌幅。2019年到2020年，港股一方面遭遇了史無(wú)前例的社會(huì)動(dòng)蕩，另一方面，疫情對(duì)香港經(jīng)濟(jì)雪上加霜。港股在此期間全球表現(xiàn)落后，2020年大幅跑輸A股。2021年初，港股的低估值吸引了國(guó)內(nèi)投資者紛紛南下。但隨著春節(jié)過(guò)后，A股抱團(tuán)股的大幅下跌以及港府加征印花稅，港股再度陷入萎靡。而7月以來(lái)政府推出的一系列旨在營(yíng)造公平社會(huì)環(huán)境的舉措對(duì)港股的互聯(lián)網(wǎng)和教育板塊造成重大利空。港股可謂一瀉千里。而南下資金也創(chuàng)出了自開(kāi)通以來(lái)連續(xù)數(shù)日凈流出的記錄。當(dāng)前，無(wú)論恒生指數(shù)還是國(guó)企指數(shù)估值都處在歷史較低水平。恒生指數(shù)的靜態(tài)市凈率7月底估值為1.14倍，處在2002年以來(lái)18.3%的分位。國(guó)企指數(shù)的靜態(tài)市凈率為1.2倍，為2002年以來(lái)的39.4%的分位。我們認(rèn)為中國(guó)3、4季度經(jīng)濟(jì)下行對(duì)港股市場(chǎng)仍會(huì)有一定的壓力，但是另一方面，國(guó)內(nèi)的寬松財(cái)政和貨幣政策也會(huì)對(duì)市場(chǎng)提供支撐。當(dāng)下在港股市場(chǎng)可以買什么呢？我們總結(jié)了三類可投資的標(biāo)的：一是價(jià)值股，包括銀行地產(chǎn)，估值很低，股息率很高，下行風(fēng)險(xiǎn)??；二是制造業(yè)成長(zhǎng)股，包括新能源、電子及傳統(tǒng)制造業(yè)的龍頭企業(yè)，他們中很多具有全球競(jìng)爭(zhēng)力；三是消費(fèi)醫(yī)藥長(zhǎng)線股，消費(fèi)中的部分板塊競(jìng)爭(zhēng)格局明確，醫(yī)藥中的一些創(chuàng)新藥也被證明具有較強(qiáng)競(jìng)爭(zhēng)力，可以在估值合理的情況下買入并長(zhǎng)期持有。國(guó)際投資人近期因政策風(fēng)險(xiǎn)而采取觀望態(tài)度，但一旦確定中國(guó)基本的開(kāi)放政策不變，政策風(fēng)險(xiǎn)降低后就應(yīng)該回來(lái)。港股市場(chǎng)因受到政治經(jīng)濟(jì)等諸多因素的影響，短期獲得投資收益概率不大。最好的辦法就是在低位買進(jìn)，比如當(dāng)前時(shí)點(diǎn)，然后做時(shí)間的朋友。當(dāng)然，這非常考驗(yàn)投資者的耐心。

上周全球股市漲跌不一。中國(guó)臺(tái)灣和韓國(guó)跌幅居前，而印度、俄羅斯和上證指數(shù)漲幅居前。美國(guó)國(guó)債收益率在Taper預(yù)期推動(dòng)下上升，全球股市成長(zhǎng)股回落，價(jià)值和周期股上漲。

How to pick stocks in HK market？HK market crashed in July. Hang Seng Index tumbled 9.9% and Hang Seng China Enterprises Index dropped 13.6%, the worst month of performance from Oct. 2018 and Jan. 2016 respectively. Hang Seng Index is valued at trailing-twelve-month price-to-book (TTW PB) 1.1x while China Enterprises Index is valued at TTW PB 1.2x, which is at 18% and 39% percentile from 2002 respectively. HK market performance was poor due to political turmoil in 2019 and COVID-19 pandemic in 2020. In 2021 it enjoyed a short period of rally as south-bound capital flushed in due to its low valuation. But this did not last long as after Chinese New Year festival group-holding stocks fell sharply in A-share and HK market also suffered. Big tech stocks in HK were group-holding stocks as well. Then HK government announced that it would raise stamp duty for stock trading at the end of February. HK market tumbled and then bounced up and down until July when policies targeted at after-school tutoring and big tech firms were brought up. HK market would get support in 3Q and 4Q2021 as China’s monetary and fiscal policy would become more accommodative. The current valuation has partly priced in the slowdown of China’s economy. We suggest three ways to invest in HK market. The first is to invest in those value stocks in financial and property sector. Stocks in these sectors do not deliver very strong earnings growth yet offer sizeable dividend yields. The second is to invest in those leading players in new energy, electronic and traditional manufacturing sector. Some companies in these sectors enjoy competitive advantages in the world. The last but not the least is to invest in consumption and healthcare sector. Competitive landscape is beneficial for market leaders in these sectors. In short now it might be a good time to buy HK stocks and be a friend of time.

Last week both A-share and HK market rebounded. The US 10-year treasury yield went up pushed by Taper expectation. Growth stocks fell while value and cyclical stocks rose worldwide.

聲明：本市場(chǎng)點(diǎn)評(píng)由北京楓瑞資產(chǎn)管理有限公司（以下簡(jiǎn)稱“楓瑞資產(chǎn)”）“楓瑞視點(diǎn)”微信公眾號(hào)提供和擁有版權(quán)，授權(quán)上海海獅資產(chǎn)管理有限公司轉(zhuǎn)載。在任何情況下文中信息或所表述的意見(jiàn)不構(gòu)成對(duì)任何人的投資建議，楓瑞資產(chǎn)不對(duì)任何人因使用本文中的內(nèi)容所引發(fā)的損失負(fù)任何責(zé)任。未經(jīng)楓瑞資產(chǎn)書(shū)面授權(quán)，本文中的內(nèi)容均不得以任何侵犯楓瑞資產(chǎn)版權(quán)的方式使用和轉(zhuǎn)載。市場(chǎng)有風(fēng)險(xiǎn)，投資需謹(jǐn)慎。