腾讯，美团和小米继续下跌。 港股有投资机会吗？ _东方财富网

原标题：腾讯，美团和小米已经倒下。 港股有投资机会吗？

概括

[TencentMeituanandXiaomihavebeendecliningArethereanyinvestmentopportunitiesinHongKongstocks?】PrudentpeoplebelievethatcomparedwithAsharesthevaluationofhigh-qualitycompaniesinHongKongstocksdoesnothavemanyadvantagesHowevercompanieswithcheapvaluationsareofgeneralqualityandmaynothavelong-terminvestmentvalueOptimistsbelievethatHongKongstockshavealwaysbeenthetargetofinternationalcapitalallocationFromtheperspectiveofglobalassetallocationHongKongstocksarestillthefocusofallocation

In the fourth quarter of last year, mostfundmanagerSay it’s optimisticHong Kong stocksmarket, Now, with the continuous adjustment of Hong Kong stocks, the Hong Kong stocksinvestmentEncountered a crisis of faith.

Meituan,Smol International、Yihai International…… A lot of funds “love stocks” fell sharply, which directly dragged downFund net worth, Which undermined investor confidence.

datastatisticsAs of March 25

　　At the same time, the differences between fund managers are increasing.

　　Prudent people believe that compared with A shares, Hong Kong stocks are high-qualitythe companyThe valuation does not have many advantages. However, companies with cheap valuations are of general quality and may not have long-term investment value. Optimists believe that Hong Kong stocks have always been the target of international capital allocation. From the perspective of global asset allocation, Hong Kong stocks are still the focus of allocation.

　　Core assets fell sharply

The core assets of Hong Kong stocks, which rose sharply in the previous period, have been adjusted after the Spring Festival holiday, and many stocks have fallen by more than 20%.

ToTencent HoldingsTake, for example, a period of impulsive rise, reaching an all-time high of 775.5 on February 18thHong Kong dollarTurn around and down. As of the close of March 25th,TencentIt closed at HK$606, a retreat of 21.86% from the highest point.

The same is true for Meituan. After hitting an all-time high of 460 Hong Kong dollars on February 18, its stock price retreated sharply. As of March 25, Meituan fell 37.52% to 287.4 Hong Kong dollars.

Overall, according to statistics, holdingTencent Holdings, Meituan,Hong Kong Stock Exchange, Xiaomi GroupPublic offeringThe number of funds reached 336, 170, 62 and 84, holdingMarket valueBoth exceeded 10 billion Hong Kong dollars.

As of the end of the fourth quarter of last year

The sharp drop in the Hong Kong stock market directly affected the fund’sPerformancewhich performed. Statistics show that from February 18 to March 24, the net value of 1975 funds (calculated separately for each type of share) fell by 11.37% on average, and the net value of 386 funds fell by more than 20%.

Regarding the decline in the core assets of Hong Kong stocks, WanliFidelitydirectorChief Hu Weitao said that, similar to the core assets of A shares, the rapid rise in stock prices in the early period has increased the valuation risk of individual stocks. After recent substantial adjustments, the valuation risks of individual stocks have been fully released, and some high-quality companies have good long-term investment opportunities.

　　Hong Kong stock investment is difficult

In the current situation, some people in the industry have shifted their investment expectations for Hong Kong stocks from being active to being cautious. For example, Dong Chengfei of Xingquan Fund stated in a roadshow at the end of January this year that the logic of optimism about Hong Kong stocks is that A-share liquidity spillovers, but if there is a problem in the A-share market, Hong Kong stocks as an offshore market may not be very good result.

Regarding the Hong Kong stock market, Hu Weitao said that with the large inflow of southward funds into the Hong Kong market, Hong Kong stocks are increasingly affected by A shares.short termFrom a point of view, when the adjustment of Hong Kong stocks ends, it may converge with A shares.

Regarding the market outlook, Hu Weitao believes that compared with A shares, the valuation of high-quality Hong Kong stock companies does not have many advantages. A company with a cheap valuation has a general quality and may not have long-term investment value. With the return of high-quality technology companies to Hong Kong for listing, Hong Kong stock investment targets have become more abundant, which has brought more new choices to investors.

Tao Yifei, manager of Fortis China Overseas Hybrid Fund, believes that, relatively speaking, the valuation of Hong Kong stocks is not cheap.stockThe valuation of Hong Kong stocks is still relatively high, but after the adjustment of Hong Kong stocks, the value of its investment allocation has gradually begun to appear.

From the external environment,GF FundYu Hao, the fund manager of, said that Hong Kong stocks have always been the target of international capital allocation.Considering that the United States will continueRenewalLoosecurrencyPolicy and fiscal policy, weakU.S. dollarIt will be the macro background for the next two years. This means that funds will favor emerging markets, especially Chinese assets with sound fundamentals. Yu Hao predicts that from the perspective of global asset allocation, Hong Kong stocks are still the focus of allocation.

Related reports:

　　Soochow Securities Overseas Strategy Comment: What will happen to Hong Kong stocks if the US dollar index continues to strengthen?

(Source: ShanghaiSecuritiesNewspaper)

(Editor in charge: DF398)