uebsr6163
2021-08-02
这篇文章不错,转发给大家看看
@小虎周报:
港股周策略:海内外监管影响深远,但恒指中期不悲观
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<p>监管方面,国内监管情绪虽然有所缓和(针对的是影响民生的少数行业),但另一方面,美国SEC加强中概股的信批的要求,我们认为对中概股的影响或同样深远。包括解释运营公司的财务表现等是否会受中国政府监管影响;同时披露VIE与发行人之间的财务关系等。</p> <p>由于外资过去占到中概股相当可观的比例,显然监管收紧会不可避免的冲击到中概股估值体系,尤其是目前在港股二次上市的新经济企业,在美股ADS和港股普通股可以互换的情况下,两地价格直接锚定,这样影响会更直接些。</p> <p>反应到港股通方面,上周净流出较大的仍然是互联网科技股。<img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/b4ded28f820cf760b2675d3fef9beb7b\" tg-width=\"-1\" tg-height=\"-1\">而对于做多动力同样包含北上资金的A股来讲,也会影响北向资金对陆股通的配置比例,例如近期,像<a href=\"https://laohu8.com/S/600519\">$贵州茅台(600519)$</a> 这类现金流较好,外资此前非常喜欢的公司,估值也在持续回调,除了自身增长掉速之外,相信也有外资流出的因素。<img src=\"https://static.tigerbbs.com/88e0ec5dfb7519016cb6f3f7528db0e8\" tg-width=\"-1\" tg-height=\"-1\">技术性角度,从偏长期窗口来看,<a href=\"https://laohu8.com/S/HSI\">$恒生指数(HSI)$</a> 在季度窗口处于技术性调整路径途中;且恒指指标股大部分来自于非互联网领域,这些指标股仍受十四五政策支撑,我们认为中期并不悲观。<a href=\"https://laohu8.com/S/HSCEI\">$国企指数(HSCEI)$</a> <a href=\"https://laohu8.com/S/HSCCI\">$红筹指数(HSCCI)$</a> <img src=\"https://static.tigerbbs.com/6a0a78f2953f6180c1698368544e72b0\" 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