中国股市崛起的逻辑：美联储推迟降息，外资转投“价值”

华尔街见闻04-28

中国A股和港股因其接近历史地位的估值备受市场青睐，此外，日本和韩国的企业改革措施也支撑了“价值投资”的逻辑。新年伊始，投资者满怀希望美联储的宽松政策将推动整个亚洲及全球市场的上涨。然而，实际情况与预期大相径庭，最近几周，通货膨胀数据频频给降息预期泼冷水，美联储推迟实施宽松政策，从而打破了投资者对亚洲风险资产普涨的期望。亚洲市场的投资经理们变得更加谨慎，从更广泛的风险资产转向寻找那些能够提供稳定回报...

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免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

壁咚
04-29
壁咚
当很多人还没看清楚的时候，就是最好出手时间
HKBLOCKONES
04-29
HKBLOCKONES
一派胡言
八尾旅人
04-29
八尾旅人
接着忽悠
MTM20240312
04-29
MTM20240312
问题是我还没能解套
Artemys
04-29
Artemys
接着忽悠
才神
04-29
才神
推迟降息是利空股市。怎么能睁着眼睛说瞎话呢？
- 才神回复老山古:
  [捂脸]
- 老山古:
  不忽悠韭菜怎么会进去？不进去怎么割？
- 才神:
  就像河南……
- 超超_6103:
  不奇怪，华尔街见闻

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Tan指出：“长时间的高利率环境会阻碍资金流入亚洲市场。在当前的市场环境中，一些特定行业可能成为投资的“安全港”。例如，印度的基础设施股票、韩国受益于改革的公司、以及中国国内消费和公用事业股。”中国股市估值较低，港股已五连阳4月26日A股、港股集体反攻，北向资金疯狂涌入A股，全天单边净买入224.49亿元，创2014年陆股通开通以来单日最高值。其中，港股表现非常优异，恒生指数在四月份成为全球表现最好的主要股指之一，4月26日，随着港股收盘，恒生指数近5个交易日累计涨幅达8.8%，创下自2011年以来的最佳周度表现。即使已经大幅反弹，恒生指数当前的市盈率为8.3倍，仍低于5年平均水平的10.2倍。分析指出，香港作为全球金融中心的地位得到了中国政府的支持，从政策面看，中国证监会上周推出的5项支持香港资本市场的措施支撑了港股的表现，助力改善港股中长期流动性及提供增量资金。有分析师认为，外资转向投资A股的主要原因在于，中国的温和通胀和政府激励经济和资本市场的措施，有助于提振企业盈利和投资者信心，使得中国股市更能抵御美联储政策的不确定性。此外，随着经济数据的改善和企业盈利的恢复，分析师预计中国市场将继续吸引资金流入和投资者的关注。M&G投资管理公司的多资产基金经理Gautam Samarth尤其看好A股和港股，他认为中国市场估值较低，非常适合投资。此外，汇丰控股有限公司的策略师在一份报告中写道，全球新兴市场基金对中国大陆股票的看法已从之前的低配调整为中性，而亚洲基金的持仓则达到了七个月来的高点。与此同时，瑞银集团将中国股票的评级从中性上调至超配，理由是预计盈利将会改善。日本金融股备受投资者青睐有分析指出，尽管日本股市接近技术性调整（股价下跌接近10%），许多投资者仍然看好日本股市，原因在于日本经济增长的潜力和企业改革的积极进展。而且随着日本央行逐步提高利率，日本金融股（尤其是银行股）的吸引力进一步增强。数据显示，日本Topix银行指数今年已经上涨了约25%。富达国际的资金管理者George Efstathopoulos表示，无论是出口公司还是与旅游相关的行业，都将从日元贬值和全球需求改善中受益。同时，随着政府债券收益率的上升，日本银行股也将获益。PineBridge投资管理公司全球多资产负责人Michael Kelly表示，日本的金融股是当前的热门投资领域，他们已经重仓该领域。韩国芯片行业和印度消费制造获外资关注随着韩国政府致力于消除所谓的“韩国折价”以及韩国出口的复苏，韩国芯片行业正逐渐获得市场青睐。安联全球投资（AllianzGI）亚太地区多资产负责人Zijian Yang表示：“从战术角度来看，我们特别看好韩国股票。韩国经济的增长在很大程度上依赖于出口，尤其是高科技产品和半导体。随着全球对半导体需求的增加，美国市场对韩国产品的需求稳定以及中国经济的见底趋势，韩国出口恢复增长，并增强了韩国股市的吸引力。”此外，有分析指出，印度有庞大的国内消费基础和不断增长的制造业实力，尽管股市估值较高，印度股票仍然是许多投资者长期青睐的对象。摩根大通资产管理公司多资产解决方案投资专家Jin 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中国股市崛起的逻辑： 美联储推迟降息，外资转投“价值”

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中国股市崛起的逻辑：美联储推迟降息，外资转投“价值”