恒生指数飙升，以了解谁在香港购买了南向基金？ _东方财富网

概要

[HSI’sskyrocketingcharttounderstandwhoboughtthesouthboundfundsacrossHongKong?】OnJanuary20ththerecentlywatchedHongKongstocksstrengthenedagainTheHangSengIndexclosedupmorethan1%andthecumulativeincreasethisyearhasexceeded10%AtthesametimesouthboundfundshavecontinuedtopourintoHongKongstocksthisyearAsoftodaycumulativenetpurchaseshaveexceeded170billionyuan

On January 20th, Hong Kong stocks, which have received much attention recently, strengthened again. The Hang Seng Index closed up more than 1%, and the cumulative increase this year has exceeded 10%. At the same time, southbound funds have continued to pour into Hong Kong stocks this year. As of today, cumulative net purchases have exceeded 170 billion yuan.

Looking at specific stocks,Oriental wealthChoice dataShow that this year as of January 19, southbound funds Masukura bought (interval shareholding increase * intervalDeal(Average price) 79 companies with over 100 million yuanenterprise, There are 22 companies with more than 1 billion yuan,Tencent Holdings、China Mobile、China National Offshore Oil Corporation、SMICAnd other stocks have been heavily bought. While receiving a large inflow of southbound funds, its stock price performance is also quite impressive. The average increase of the top 50 stocks of southbound capital Masukura stocks is 20%.

　　Today’s market conditions:

The Hang Seng Index is approaching the 30,000 point mark, the Hang Seng Technology Index soars by more than 5%

Hong KongHang Seng IndexAfter opening higher today, the red disk volatility was maintained throughout the day, and finally closed up by 1.08%. The daily K line was strong for five consecutive days, approaching the 30,000 point mark, and closed at 29,962.47 points. The eye-catching performance of large technology stocks drove the Hang Seng Technology Index to soar by 5.44% and hit a record high, closing at 9885.22 points.

Looking ahead, Huaxing Securities announces its outlook for 2021reportSaid that it has benefited from the easing of overseas liquidity and China’s macroeconomic recovery, and that Hong Kong stocks will bemarketChina’s performance is relatively lagging. The allocation of Hong Kong stocks in 2021 will be more cost-effective.P/E ratiowithP/B ratioThe measured valuation level is still at a low level compared to other major stock markets and emerging markets around the world, and the current valuation is still reasonable.The bank estimates that the new economythe companyIn the Hong Kong marketMarket valueThe proportion has risen from 33% to 45% in the past three years; this proportion is expected to continue to rise steadily to 55% or even higher in the next three to five years.In this process, funds are expected to continue to pursue the new economyConstituent stocksVotes, the Hong Kong stock market as a whole is also expected to obtain a higher level of valuation, liquidity, trading volume and representativeness.

Chief Strategy of Essence InternationalAnalystHan Zhili believes that the 35,000 forecast points of the Hang Seng Index are not high. If there are no overseas political factors and the impact of the epidemic, 2020 can actually break through this point. In particular, some time ago, the Hang Seng Index adjusted its constituent stocks and newly added high-growth companies in the Mainland, which changed the entire Hang Seng Index structure.The changes in the constituent stocks of the Hang Seng Index are of vital importance. Some companies with slower earnings growth may be introduced in the future, such asReal estate stocksOr some localbankStocks, etc., are slowly removed and more high-growth companies are added. This will increase the attractiveness of the Hang Seng Index and produce a benign promotion.

Anli Securities released its 2021 Global Market Outlook report and pointed out that the Hong Kong market may benefit from excessCash flowIn order to develop together with emerging markets. At the same time, as more IPOs are expected in the local market, the HSI is expected to reach 30,475 points in the first half of 2021.

　　Everbright SecuritiesSaid that the Hong Kong stock market is in a positive state in terms of fundamentals, capital and emotions, and has a solid foundation for gradual bullishness. It is recommendedinvestmentThey are actively concerned about the opportunities in Hong Kong stocks. The low-valued pro-cyclical, high-tech, and consumer leading targets deserve active allocation.

CMB International believes that entering 2021, the global epidemic is still the focus of attention of all parties. With the successful development of the epidemic disease and the start of vaccination in many countries, the market has increased confidence in the global economic recovery this year.The past two monthsValue stocksThe shares have started to make up for the gains and are expected to continue to outperform in January. In addition, they are also optimistic about the sectors that benefit from national policies.

　　CICCForecast the non-systematic index-level bull market in the Hong Kong stock market in 2021, focusing on structural opportunities. It is now a “consensus” to be optimistic about the Hong Kong stock market. Although the Hong Kong stock index may achieve annual positive returns and better than A shares, due to the gradual withdrawal of policies, structural opportunities may be significantly stronger than index performance.

CitibankRaise the target point of Hong Kong’s Hang Seng Index this year by 6%, from 28414 points previously predicted to 30054 points. This means that the Hang Seng Index may have 11% potential upside in the next 12 months.The reason for the optimism is that after the launch of the new crown pneumonia vaccine, the economy is expected to recover.profit predictionMore optimistic, predict that the earnings per share growth rate of the HSI constituent stocks in 2021 will be 18.8%.

　　CITIC SecuritiesSaid that compared with A shares, Hong Kong stocks in 2021 may have a higher cost-effective configuration. In terms of liquidity, Hong Kong stocks have an advantage over A shares. At the same time, the current valuation environment of Hong Kong stocks is relatively better, which is also conducive to highlighting the allocation value of Hong Kong stocks.

　　China Merchants SecuritiesIt is believed that the weak U.S. dollar cycle will lead the domestic economic recovery in 2021,RMBAssets benefit, Hong Kong stocks with a higher degree of openness are expected to benefit from global capital inflows to a greater extent.Global and domestic economies are improving, corporate profits are accelerating upward, and liquidity is weakening. In this environment, Hong Kong stocks are more likely to outperform A shares; coupled with the valuation advantage of Hong Kong stocks and more and more Chinese concept stocks returning to Hong KongSecondary listing, Hong Kong stocks are more attractive than A shares. And in recent years, domestic funds have paid more and more attention to the allocation of Hong Kong stocks, and Beishui Nanyong has a high probability of continuing in 2021.

Guosheng Securities stated that under the impact of the new crown epidemic and the decline in global risk appetite in 2020, although the Hong Kong stock market has structural bright spots represented by the Hang Seng Technology Index, the overall performance is still at a low level in major global markets. However, in 2021, driven by multiple factors such as the resonant recovery of the global economy, increased risk appetite, and the co-inflow of southward and overseas funds, the Hong Kong stock market will usher in a “clear” bull market.

　　Industrial SecuritiesGlobal chief strategist Zhang Yidong said that in 2021, Hong Kong stocks will be an index bull market driven by both value revaluation and innovative growth, which is expected to exceed 20%. The A-share market is not a bear market, and the capital is not as good as that of the Hong Kong stocks. There are more shocks. The annual K-line may be a small Yang line with a lower shadow. The Hong Kong stock market bull market is expected to present two major paths: the value revaluation market driven by economic recovery will continue, at least until the first quarter; in addition, after mid-2021, the main theme of the market will still return to the long-term trend of high-quality development in China. And the main track.

　　Guosen SecuritiesIt is believed that this year’s HSI constituent stocks have joined high-growth technology leaders, which is expected to significantly increase the valuation of the HSI. The current valuation does not reflect the optimistic profit forecast for the next two years.compared toNasdaqThe index, S&P 500 index and Stoxx Europe 50 index have dynamic PEs of 44.0 times, 26.2 times and 23.0 times. Hong Kong stocks are relatively cheap.

　　InvescoGreat Wall FundIt is believed that from the current point of view, the market style rebalancing in 2021 will continue in the short term. In fact, in the past two years, the market has mainly made money for rising valuations, and the subsequent market may turn to make money for corporate profit growth. However, in the long run, industries with higher long-term yields on A-shares are still concentrated in the technology, medicine, and consumption upgrade sectors.inBase effectUnder the influence of multiple factors such as low valuation and overseas capital inflows, the current investment performance of Hong Kong stocks is outstanding.

(Article Source:Oriental wealthResearch center)

(Editor in charge: DF075)