原始标题：溢价超过10％！ 香港股票ETF突然开始流行，基金经理必须说“香港股票”时代已经来临！
概要
[Premiumover10%!HongKongstockETFsuddenlybecamepopularFundmanagersmustsaythattheeraof”HongKongstocks”ishere!WiththecontinuousaccelerationoftheinflowofsouthboundfundsintoHongKongstockstheHangSengIndexbrokethroughthe29000markOnthe19ththeHongKongstockfundstradedonthemarketrosesharplyagainandthedailylimitwasrarelystagedAndthesharpriseacrosstheboardhasmadethepremiumrateofmanyHongKongstockfundshighandthepremiumrateofindividualfundsevenexceededthe12%markTherearesignsthatpublicfundsmaybeanimportantforceinthesouthwardlayoutofHongKongstocksStatisticsshowthatsincethebeginningoftheyearmanyfundsthatcaninvestinHongKongstockshaveenteredthemarketforsaleandtheteamoftheSouthNuggetsisexpanding(ChinaFundNews)
Indices fluctuated and individual stocks diverged. The biggest bright spot in the market this week has been Hong Kong stocks.
With the continuous acceleration of the inflow of southbound funds into Hong Kong stocks, the Hang Seng Index broke through the 29,000 mark.Stock baseGold once again surged in volume, and the daily limit wave was rarely staged during the session.And the surge across the board has made many Hong Kong stocksfundThe premium rate is high, and the premium rate of individual funds even exceeds the 12% mark.
There are signs that public funds may be an important force in the southward layout of Hong Kong stocks. Statistics show that since the beginning of the year, many funds that can invest in Hong Kong stocks have entered the market for sale, and the team of the Nuggets southward is expanding.
Looking ahead, taking into account the continued improvement of market liquidity, the continuous recovery of China’s growth, and the new round of stimulus measures in the United States, public offerings remain generally optimistic about the trend of Hong Kong stocks. Although there are signs of partial overbought or even excitement in the market in the short term, the future performance of high-quality core assets in the medium and long-term Hong Kong stocks is worth looking forward to.
Hong Kong stocksETF、LOFStaged a “daily limit show”
The premium rate of individual ETFs exceeds the 12% mark
Following the collective rise of Hong Kong stock market funds on the 18th, the volume rose again on the 19th.
On January 19, when the A-share market was desolate, the Hong Kong stock market showed signs of heating up again. The Hang Seng Index opened sharply above 29,000 points and continued to rise. As of noon’s close, it rose by 3.06%. In the afternoon, the gains of Hong Kong stocks narrowed. Eventually, the Hang Seng Index closed up 2.7%, and the Hang Seng Technology Index rose 2.84%.
Large market volume turnover exceeds HK$300 billion, southbound fundsNet inflowOver 26 billion Hong Kong dollars, another record high.
The disk shows that under the strong performance of Hong Kong stocks, the Hong Kong stock funds traded on the 19th floor showed a collective rise.Less than a week after the listingSouthbound trading50ETF and the previously established Shanghai Stock Connect ETF, Hong Kong Securities ETF, Hong Kong Stock 100 ETF, Hang Seng Index ETF, etc. once daily limit.
Later, as the Hang Seng Index’s gains narrowed to within 3%, some ETFs opened their daily limit. As of the close, Hong Kong stocks 100ETF had a daily limit, with a turnover of nearly 200 million yuan; Shanghai Stock Connect and Stock Connect rose by 9.96%; Southbound 50ETF and Hang Seng Index ETF closed up 7.49% and 7.44% respectively. Among them, the single-day turnover of the Southbound 50ETF, which has received much attention Reached 2.231 billion yuan. In addition, the Hong Kong Securities ETF surged 6.52%, the Hang Seng State-owned Enterprise ETF surged 5.23%, and the Hang Seng State-owned Enterprise, H-share ETF, and Hang Seng ETF closed up.
Among the LOF products, Southbound Stock Connect LOF, New Economy Southbound Link L, Hong Kong Stock Select, Hang Seng H shares closed collective daily limit, Hang Seng Index Fund, Hong Kong Stock High Dividend LOF, Hong Kong SME LOF, Hang Seng Index LOF and other on-site prices all rose more than 4 %.
As of the 19th, in the 12 trading days since the beginning of this year, most of the cumulative gains of Hong Kong stock funds traded on the market have exceeded 15%. Hong Kong stocks 100 ETF, southbound trading LOF, and Hang Seng H shares have all risen more than 20% since the beginning of the year, and many funds such as Shanghai Stock Exchange ETF and Hong Kong Securities ETF have risen by more than 15%.
It is worth noting that the soaring prices in the past two days have caused the premium rate of some Hong Kong stock ETF funds to be high, and the premium rate of many funds exceeds 5%.
As of the close, the Hong Kong stock 100ETF had the highest premium rate, reaching 12.23%, and it became the ETF product with the highest premium rate in the entire market. The China Xia Hang Seng ETF followed closely behind with a premium rate of 8.22%, and the premium rate of the Southbound 50 ETF also reached 8.18%. China Hang Seng ETF and Southern Hang Seng ETF also have higher premium rates, reaching 5.49% and 4.99% respectively.
Industry insiders reminded that for Hong Kong stock ETF funds that are currently available for redemption, investors who intend to implement premium arbitrage can subscribe for the corresponding shares at the net value and sell them on the market for profit.
However, since the implementation of premium arbitrage often takes T+3 trading days to complete, that is to say, the units subscribed on the 19th can be sold on Friday. During this period, the price of Hong Kong stock funds may fluctuate greatly, and if the scale of arbitrage funds Excessively large and concentrated selling will cause stampede risks and create uncertainty for the final arbitrage returns.
It is worth mentioning that Hong Kong stock ETFs frequently have high premiums, sofund companyRisk warning announcements are issued urgently, and investors should pay attention to risks in their layout.
Huaan FundIn the recent announcement, the transaction price of the Huaan CES Hong Kong Stock Connect Select 100 ETF in the Huaan Fund’s secondary market has seen a substantial premium. On January 18, 2021, the closing price of the fund’s secondary market was 1.243 yuan, which was significantly higher than the reference net value of fund shares. If investors blindly invest in funds with high premium rates, they may suffer heavy losses.
Southbound funds bought a net HK$26.6 billion
A new record high
Behind the strong performance of Hong Kong stocks and Hong Kong stock funds, the southward capital injection into the Hong Kong stock market is indispensable.
According to data, as of the close of Hong Kong stocks on January 19, the total net inflow of southbound funds on that day was HK$26.592 billion, a record high. Among them, the net inflow of Hong Kong Stock Connect on the Shanghai Stock Exchange was 13.121 billion Hong Kong dollars, and the net inflow of Hong Kong Stock Connect on Shenzhen Stock Exchange was 13.471 billion Hong Kong dollars.
So far, Southbound funds have bought Hong Kong stocks for 20 consecutive trading days, and the net purchases have exceeded HK$10 billion for 12 consecutive trading days. Since January, the net inflow of Southward funds has exceeded 160 billion Hong Kong dollars. In the fourth quarter of last year, the amount of Southward funds to buy Hong Kong stocks exceeded 900 billion Hong Kong dollars, and the net purchases exceeded 200 billion Hong Kong dollars.
Which stocks are Nanxia Fund buying?Statistically active stocksCash flowXiang shows that Southbound funds have been frantically rushing to raise technology stocks in the past week. In the top ten list of Southward Fund Net Buying in the past 7 days,Tencent Holdings、SMIC, Meituan, Xiaomi Group and other popular technology stocks are listed.Southbound funds for nearly 7 daysTencent HoldingsThe net purchase amount reached RMB 31.293 billion.
In addition,China Mobile、China National Offshore Oil Corporation、China Telecom、China UnicomStocks with the prefix “中” are also the focus of Southbound fund raising.
According to the net purchases of southbound funds in the past few years, this year’s net purchases of southbound funds may reach a new high.
Who is heading south?
A number of Hong Kong stock-oriented funds are successively issued and established
The industry believes that public funds may become one of the important sources of funds for gathering south.
Looking back at 2020, almost all asset classes have achieved gains during the global water release. Only the Hong Kong stocks have fallen throughout the year, which is almost the worst in major global markets.In this context, the market generally believes that Hong Kong stocks are currently buying dips.Hershey’sOpportunity, funds investing in Hong Kong stocks have become hot for a while.
The reporter noticed that since 2021, many funds investing in Hong Kong stocks have entered the market one after another, and the team of the Nuggets going south is expanding. Among the new funds issued in January this year, more than half of the products included Hong Kong stocks.
Specifically, statistics show that as of January 19, there have been 20 activePartial equity fundThe product was established and raised at least 120 billion funds. These partial-equity fund products all list Hong Kong stock assets as the main investment objects, and the investment ratios are basically the same.
on the one hand,Fund issuanceThe “Hong Kong stock mining base” focusing on Hong Kong stock investment opportunities in the market is highly sought after by investors. The Harvest Hong Kong stocks, which was launched on January 15 and are jointly led by AH-share double-strong fund managers Zhang Jintao and Hu Yufei, sold out in a single day, and raised more than 10 billion in a single day.
Regarding the hot sales of Harvest Hong Kong stock advantage funds, analysts pointed out that, on the one hand, it is related to the excellent timing of Hong Kong stocks. On the other hand, it also shows that investors recognize and trust the superior combat effectiveness of the Harvest Shanghai-Hong Kong-Shenzhen Investment Research team.
On the other hand, with the exception of thematic funds specifically allocated to Hong Kong stocks, most newly established non-Hong Kong stock-themed active partial equity funds can invest up to 50% in Hong Kong stocks, and many of them are “sunlight-based”.
For example, according to the prospectus disclosed by the Southern Consumption Upgrade Fund, the proportion of fund stock investment in fund assets ranges from 60%-95%, and the proportion of Southbound Stock Connect stock investment shall not exceed 50% of stock assets. In addition, the Qianhai Kaiyuan high-quality enterprise mixed fund with a six-month holding period can invest in A shares and Hong Kong stocks at the same time, with Hong Kong stocks accounting for less than 50%. E Fund’s competitive advantage companies and Xingquan Hexing’s two-year closure, etc., have invested in the shares of Hong Kong Stock Connect targets not exceeding 50%.
Image source: Xingquan Hexing two-year closed recruitment brochure
Index enhancement funds have also broadened the scope of investment. For example, the upcoming Xingquan China Securities 800 six-month holding index fund has 0-50% of the stock positions that can be invested in the subject of the Hong Kong Stock Connect.
according toSoochow SecuritiesForecast in January this yearNew fundThe disclosed fundraising target totals 248 billion yuan, which is expected to hit the July 2020 high of 300 billion yuan throughout the month. Based on estimates that half of these funds will invest half of their positions in Hong Kong stocks, the funds established in January alone may inject 150 billion yuan into Hong Kong stocks.
From the perspective of fund companies’ layout trends, Hong Kong stocks will continue to be the direction of capital pursuit. Many fund companies such as China Asset Management, Hony Yuanfang, Yinhua, and Guangfa are all selling Hong Kong stock funds. Fund companies such as China Huitianfu, Bosera, and Dacheng all submitted applications for Hong Kong stock fund raising in December last year.
Talking about why it chose this time to issue new funds, Wang Shuai, the proposed fund manager of Yinhua Shanghai-Hong Kong-Shenzhen 500 ETF, told reporters that, compared with the global market, Hong Kong stocks are a valuation depression and have a certain degree of safety. Border, in the case of differences in the core assets of A-shares, the layout of Hong Kong stocks must be sooner rather than later.On the other hand, if we judge the globalinterest rateThe level is easy to go up and down, so compared with A shares, Hong Kong stocks with higher and stable dividend yields also have better defensive attributes.
Zhou Jing, general manager of the international business department of Hwabao Fund and manager of Hwabao’s Hong Kong large-cap fund, also stated that A shares have been in a structural bull market in the past two years, while Hong Kong stocks have lagged behind A shares in the past two years. The current AH share premium rate is still At a high level, it is very attractive to domestic funds. And as China’s economy takes the lead in recovering after the epidemic, the profitability of Hong Kong stocks, especially Chinese stocks, should grow gratifying this year, and the enthusiasm for funds going south is likely to continue.
Zhou Jing further stated that under the influence of three factors: fundamentals, capital, and sentiment, the Hong Kong stock market is currently trending towards a bullish trend. However, whether the Hong Kong stock market can reproduce the big bull market from 2016 to 2017 depends on whether large-scale overseas funds can intervene and whether the Chinese economy can continue to strengthen after the recent southward capital.
And Liu Yang, manager of SDIC UBS Stock Connect Value Discovery Hybrid Fund, said that he manages a fund that mainly invests in the subject of Southbound Stock Connect, focusing on China’s attractive industries and leading companies, and has been paying close attention to the investment in the Hong Kong stock market. .As of the end of the third quarter, in addition to the traditional financial andreal estateOutside of the industry, the fund actively deploys “new economy” industries, such as communications technology, consumer and healthcare industries.
Continued issuance of new Hong Kong stock funds
In fact, the “south” of new funds that can deploy Hong Kong stocks has long been an important indicator for many institutions to deploy Hong Kong stocks. From the current point of view, not only some active equity funds are deploying Hong Kong stocks, but also some new funds specializing in Hong Kong stocks are actively being issued.
According to the fund manager, because of the relatively hot investment in Hong Kong stocks, many fund companies have also launched a battle for Hong Kong stock fund issuance, and some ETFs tracking high-quality indexes are also issuing.
According to the fund’s statistics, on January 18, China Xia Hang Seng Internet Technology Industry ETF and Yinhua China Securities Shanghai-Hong Kong-Shenzhen 500 ETF were issued, and Hony Yuanfang Hong Kong Stock Connect Smart Selection Pilot issued; on January 19, ICBC Credit Suisse, Huatai Bai Rui and The three CSI Shanghai-Hong Kong-Shenzhen Internet companies under Harvest have opened subscriptions again. In addition, on January 20th, January 25th, and January 27th, Hong Kong stock fund issuance has been planned, which has become a relatively intensive period in the near future.
Fund managers talk about “Hong Kong stocks” in unison
Hong Kong stocks, which are currently in a low valuation area, have become the main reason why many fund managers see opportunities for Hong Kong stocks, and fund managers also remind everyone not to blindly deploy.
Liu Yang, manager of SDIC UBS Stock Connect Value Discovery Hybrid Fund, said that in fact, the enthusiasm of the Southward Fund to participate in Hong Kong stock transactions last year has begun to rise. In 2020, the net purchase of Southward Funds reached 596.7 billion, exceeding the three years of 2016-2019. The sum of net purchases of funds transactions. In addition, the pace of the inflow of funds to the south has not been affected by the trend of Hong Kong stocks. For example, during the plummet of the Hong Kong stocks in March 2020, the funds from the south “actively bought and fell”.
Liu Yang further stated that looking back on 2020, Hong Kong stocks underperformed major global markets, and the valuation advantage of Hong Kong stocks in the global market is even more obvious. On the basis of valuation advantages, the Hong Kong stock market has a number of Chinese-funded enterprises that rely on the mainland China market to grow and represent China’s emerging economy and industrial upgrading. They are an important part of China’s asset stock investment targets and complement the A-share market. , There is a certain scarcity. In the context of the current high valuation of A-share assets, high-quality Hong Kong Chinese stocks continue to attract the attention of southward funds.
“At present, the current domestic economy, the fundamentals of Hong Kong stocks and the RMB exchange rate are relatively similar to those of 16-17. The difference is that the current overseas market liquidity is more abundant, and whether it can reproduce the big bull still needs attention. Marginal tightening risks that may be faced in the future.” Liu Yang believes that the impact of the epidemic has not been completely eliminated, especially the recent repetitions in some areas before, which still have a direct impact on the global economy.
Qianhai Kaiyuan Fund stated that the recent performance of the Hong Kong stock market has been better, significantly better than that of A-shares. This may be the beginning of better performance for Hong Kong stocks for a long period of time in the future. This is mainly due to the fact that Hong Kong stocks have continued to underperform in the past 2-3 years. A-share U.S. stocks, high-quality assets in Hong Kong stocks have a very obvious investment price ratio compared to A-share U.S. stocks; second, high-quality investment targets in Hong Kong stocksPerformanceSteady growth, outstanding competitive advantages, clear growth prospects, and earnings will show a trend of picking up and accelerating; third, the gradual recovery of Sino-US relations will help increase the risk appetite of overseas investors for investment in Hong Kong stocks; fourth, the continuous appreciation of the renminbi, this This means that the overall appreciation of Hong Kong stocks and mainland companies that represent RMB assets has continued to increase investment attractiveness. Therefore, seeing the recent increase in funds from the south, the funds from the south have bought more than 150 billion yuan in Hong Kong stocks since 2021, and the trend is accelerating. In the past two days, they have set a new high for single-day net purchases. At the same time, overseas funds are gradually Backflow.
Looking ahead to the medium and long term, the purchase of Hong Kong stocks by Southbound funds is just the beginning. With the inclusion of high-quality assets in Southbound Trading, Southbound funds will accelerate further. We are particularly optimistic about the future performance of high-quality core assets in Hong Kong stocks, such as consumer medical technology Internet, and China’s concept stocks that have returned to Hong Kong stocks.
InvescoGreat Wall FundThe investment research team believes that Hong Kong stocks will still be outstanding in 2021.First of all, from the perspective of economic fundamentals, from 2019 to 2020, affected by both political events and the epidemic, Hong Kong GDP Continuous negative growth has dragged down the earnings growth rate of the HSI relative to A-shares. If Hong Kong starts customs clearance and economic restoration in 2021, the low GDP base effect is expected to magnify the earnings growth rate of the HSI. Secondly, from the perspective of valuation, the valuation of Hong Kong stocks is relatively low compared with the valuation of major indices in the global market. Companies in the same industry and status have obvious advantages in valuation of Hong Kong stocks. In addition, benefiting from the return of China’s concept stocks, the high interest rate differential between China and the United States, the appreciation of the renminbi, and the market’s relatively optimistic outlook on Sino-US relations, the inflow of southward capital is expected to continue to accelerate, and the AH premium is expected to tilt towards Hong Kong in the future.
“With the deepening of China’s economic recovery, the easing of Sino-US relations after the US presidential election, and the continuous optimization of the Hong Kong stock structure, it is expected that overseas funds will continue to flow in, and Chinese assets with higher yields are expected to attract more overseas funds and increase Chinese assets. Configure.” InvescoThe investment research team of Great Wall Fund said.
andGF FundLi Yaozhu, head of the International Business Department, believes that the overall overseas liquidity is expected to remain relatively loose in 2021, and overseas vaccines are expected to achieve large-scale vaccination, which will greatly improve the global economy. In this process, the Chinese economy, which is the first to recover, will also benefit even more. Most of the listed companies in the Hong Kong market are Chinese-funded companies. Under the background of economic recovery, the profits of these companies are expected to increase; at the same time, the loose liquidity is also conducive to the increase of valuation. In addition, China’s new economy companies have accelerated their listing in Hong Kong, and the structure of the Hong Kong market has been further improved. This will also attract overseas funds and the inflow of Southbound Stock Connect funds. Therefore, I personally think that Hong Kong stocks will have a chance to get a double-click from Davis, who has increased corporate profits and valuation in 2021.
Specifically, Li Yaozhu believes that unique assets listed in Hong Kong will be recognized by the market. For example, industries such as China’s Internet, innovative drugs, and branded consumption will have opportunities. Investors can participate in Hong Kong stock investment through Southbound Stock Connect, or directly buy funds that hold Hong Kong stocks. In his view, the risk is due to the increase in inflation expectations brought about by the rapid economic recovery, which may have a relatively large impact on liquidity. If liquidity expectations are reversed, the market will fluctuate in the short term. But personally think that this situation is less likely.
China Merchants FundIt is believed that the global economy will continue the resonance mode of domestic supply side and overseas demand side. In the short-term allocation direction, the first procyclical sector has better profit certainty, based on the main line of manufacturing investment restoration, focusing on the advanced manufacturing sector and overseas supply The end is gradually repairing opportunities to drive domestic export segments. Second, the recent semiconductor equipment sales and 8-inch prices continue to strengthen, and the sector has a higher degree of prosperity. Third, consumption data continues to pick up, and domestic offline consumption scenes are gradually opening up, focusing on sectors such as automobiles and catering. From a mid-to-long-term perspective, under the trend of “weak US dollar and stabilize RMB”, the advantages of high profit certainty and low valuation of Hong Kong stocks and Chinese stocks are obvious. Superimposing that the current investment price ratio of Hong Kong stocks compared to A-shares is at a historically high level, southbound funds are expected to continue to net inflows. Long-term optimistic about Hong Kong stocks in the new economic sector with asset scarcity, as well as the return of China concept stocks to benefit sectors.
Cathay Pacific FundSaid that the main line of the Hong Kong stock market in 2021 is the gradual recovery of the global economy under the gradual popularization of vaccines, and will continue to benefit from the return of China concept stocks and the growth of new economic leaders, especially TMT, new consumption, biotechnology, advanced manufacturing, etc. There will be more and more high-quality emerging growth stocks.
“The investment ecology of Hong Kong stocks is continuing to undergo positive changes: there is a constant wave of US stocks returning to Hong Kong.JD Health、Bubble MartWaiting for many starsNew crotchAppeared in Hong Kong stocks, driving theIPO subscriptionupsurge. As these targets are successively included in the Southbound Stock Connect list, the investment range of southward funds is becoming wider and wider. Due to the openness of the Hong Kong capital market, Hong Kong stocks are still a popular destination for outstanding companies in Mainland China, including unicorns, to list. The increase in the proportion of the new economy and the changes in the industrial structure will systematically increase the mid- to long-term valuation of Hong Kong stocks. “Cathay Pacific Fund said.
Pay attention to risks in layout
Investors need to be patient
The layout of Hong Kong stocks also needs to pay attention to risks, and the layout of investors needs more patience.
Zhou Jing, general manager of the international business department of Hwabao Fund and manager of Hwabao’s Hong Kong large-cap fund, said that Hong Kong stocks are an institution-based market compared to A shares, and their trading rules and investor behavior will be very different from those of A shares. . Therefore, for ordinary investors, it would be a better investment model for Hong Kong stocks to hand over their funds to professional institutions. At the same time, for overseas institutional investors, they generally hold stocks for a longer period, and the fundamental requirements for individual stocks will be more stringent than A shares. Therefore, investing in Hong Kong stocks may require more patience than investing in A shares.
When talking about the opportunities and risks of investment in Hong Kong stocks this year, Zhou Jing said that the opportunities lie in higher earnings growth in Hong Kong stocks, gradual recovery in the local market, obvious valuation advantages, easing of Sino-US relations, potential return of foreign capital, continued capital flow from the south, and continuous reform of the HSI . In terms of risks, although the Hong Kong stock market has gradually turned bullish, if the spread of the epidemic exceeds expectations or the delivery of vaccines does not meet expectations, the prospects for economic recovery will be overshadowed again. If the improvement of Sino-US relations fails to meet expectations, investors’ risk appetite will be reduced, and the turmoil in US stocks or A-shares will also affect the Hong Kong market.
Li Yaozhu, head of the International Business Department of GF Fund, said that Hong Kong stock investment risks that need to be paid attention to in 2021: First, some companies with poor liquidity and small market capitalization in Hong Kong stocks have financial risks. Because Hong Kong’s delisting system is mature and many Hong Kong stocks have no shell value, companies with small and medium market capitalization have greater risks. Second, investment in Hong Kong stocks is mainly based on institutional investors, and investors have a relatively mature attitude. Therefore, Hong Kong stock investors will be relatively rational for thematic hype. Most companies that can rise in the long term are companies with room for fundamentals and growth prospects. Third, the difficulty of obtaining excess returns from Hong Kong stock investment lies in in-depth research. It is necessary to understand the connotative value of the company with a deeper understanding and to look at the company’s business prospects from a longer dimension.
“The investment risks that need attention in 2021 are mainly inflation risks, geopolitical risks, and market correction risks.” Li Yaozhu said.
Liu Yang, manager of the SDIC UBS Stock Connect Value Discovery Hybrid Fund, said that with the implementation of the US general election, market uncertainty has gradually reduced. Although the specific US policy towards China in the future needs to be tracked, it is important for the relaxation of Sino-US relations. A certain window period. In terms of the epidemic situation, the epidemic situation in some overseas regions has rebounded recently. It is expected that as vaccine progress continues to make breakthroughs, market risk appetite will rebound. In this general environment, we are optimistic about the future investment opportunities in the Hong Kong stock market.
Combined with factors such as fundamentals, valuation, and market structure, Liu Yang believes that the “new economy” sector, including consumption and technology, deserves long-term attention. In addition, the current high-quality “old economy” sector with relatively low valuations and high dividend yields is still attractive, and overseas funds are expected to continue to flow back.
Liu Yang further stated that in terms of risks, Hong Kong stocks have the characteristics of “offshore” and are more obviously affected by the release of external risks, which requires attentionMidlandThe reserve tightening monetary policy risks, Hong Kong local social events and Sino-US bilateral friction risks. In addition, we need to keep an eye on whether the valuations of key sectors and individual stocks are too high.
(Source: China Fund News)
(Editor in charge: DF512)
Solemnly declare: The purpose of this information is to spread more information, and it has nothing to do with this stand.