钱朝永湘江的南都想聚在一起吗？ _东方财富网

概要

[QianChaoyongXiangjiang’scapitalisgoingtobegroupedtogether?】InjustoverhalfamonththisyearthesouthwardcapitalhasbeensurgingtotheHongKongstockmarketSofarithasexceeded100billionandhasmaintainedaninflowrateofmorethan10billionformanydaysThisspectacularsceneofrushingtoraiseHongKongstocksisreallyrare!SowhatisthereasonbehindtheenthusiasmoftheSouthwardFund?Howsustainableisthistrend?SouthwardfundsreallywanttogototheHongKongstockmarkettograbtherighttospeakinpricing?

In the spring of 2021, Hong Kong stocksmarketDestined to be extraordinary!

In just over half a month since the beginning of this year, the southward capital has surged to the Hong Kong stock market. It has so far exceeded 100 billion and has maintained an inflow rate of more than 10 billion for many days. This spectacular scene of rushing to raise Hong Kong stocks is really rare! So, what is the reason behind the enthusiasm of the Southward Fund? How sustainable is this trend?Going south to the capital is really going to grab the Hong Kong stock marketPricingThe right to speak?

　　Southward capital

　　why would”Bargain hunting“Hong Kong stocks?

This time, the rush of capital from the south to the Hong Kong stock market is nothing more than the potential profit-making effect of the Hong Kong stock market, which is mainly reflected in the following aspects:

1. Domestic excellententerpriseWhen listing on the U.S. stock market is blocked, the Hong Kong stock market is a good choice.Most of these companies are relatively good, which brings more quality to the Hong Kong stock marketinvestmentTarget, better liquidity.

2. The Hong Kong stock market is highly internationalized, with a number of real high-tech, biopharmaceutical,the InternetCompanies such as Tencent,Alibaba、SMIC、China MobileThe valuation of these companies is 50 or 60 times that of the A-share market, which is obviously a valuation depression. The so-called core assets of the A-share market, such as liquor and medicine, are also due tofundWaitcorporate investorBaotuan’s valuation is already at a historical high. Comparing the two, the relatively cheap Hong Kong stock market is certainly a good choice.

3. In the past two years, the most typical feature of the A-share market is institutionalization. A large number of investors have adoptedPublic offeringFunds etc.Financial managementproductAdvanceInvest inThis market has brought about a leap in the size of institutions. The investment targets of these institutions are mainlyMarket valueLarge, good liquidity,PerformanceThe leader of continuous growththe company，borrowHelpSouthbound tradingThrough other channels, the Hong Kong stock market has become the best choice for domestic institutional funds.

The main reasons above can be summed up in two sentences: valuation depressions, industry leaders. In essence, this is the same as the logic of the institution’s original holding of the leading stocks in the industry. In the world of investment, it can be said that “there is nothing new under the sun.” Funds will pursue investment targets with reasonable valuations and continuous growth in performance. It is the varieties with better investment cost performance.

　　Copy the A-share market

　　The group mode?

Investors are most concerned about two issues: First, how sustainable is this trend of southward funds entering the Hong Kong stock market? Second, will the southward capital have a grouping effect on the industry’s leading stocks like the A-share market, thus competing for the right to speak in the Hong Kong stock market?

The continuous and massive inflow of southward funds into the Hong Kong stock market shows that smart big funds highly agree with the current investment value of the Hong Kong stock market and will not “just shoot and leave.”Looking around the global economy, China’s economy has become the only one that achieves positive growthBig economyThe Hong Kong stock market has many high-quality technology, pharmaceutical, and Internet companies in the Mainland, and these companies have obvious valuations.Depression effectWhen will this premium effect between AH shares be filled? To what extent can it be filled?It is almost certain that the valuation between AH sharesprice scissorsIt will get smaller and smaller, but the Hong Kong stock market is not much like the A-share market, which will form an obvious valuation bubble in the short term.

Therefore, the trend of southward capital flooding the Hong Kong stock market may weaken. Because with the rise of the Hong Kong stock market, the hedging preference of funds will become stronger and stronger, and no one wants to be cut. However, given the overall valuation depression effect in the Hong Kong stock market, the sustainability of the southward capital rush to raise the Hong Kong stock market will be relatively strong. In other words, this wave of upward momentum in the Hong Kong stock market will be relatively strong, and the continuity may also exceed expectations.

For mainland investors, investing in leading stocks in the Hong Kong stock market with relatively reasonable valuations, or investing in funds in the Hong Kong stock market, should be a good choice.

Secondly, will the southward funds have a group effect in the Hong Kong stock market?Maybe somehowGo to meetingBecause the number of industry leading stocks in the Hong Kong stock market itself is relatively small, the surging Nanxia Foundation tends to favor industry leading stocks with a foundation for performance support, which creates a certain degree of grouping effect, but the Hong Kong stock market is not like the A-share market. The profit model mainly relies on unilateral long. The Hong Kong stock market has much richer financial derivatives, such as short selling. Therefore, the grouping effect of southward funds in the Hong Kong stock market may exist within a certain range and to a certain extent, but it is unlikely to become one. This obvious feature is unlikely to become the mainstream feature of the Hong Kong stock market.

(Source: Securities Times)

(Editor in charge: DF353)