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香港中小型股迎估值修复良机

2017-09-08 07:47:14   新华网

近日由于地缘局势因素影响,加之中报业绩披露进入尾声,市场短期利好出尽,香港股市显示出回调走势。与此同时,恒生中小型股和恒生小型股指数却逆势上行,中小型股表现强势。市场分析人士表示,目前港股市场热点有转向中小型股的趋势,市场风格切换加快,优质中小型股或迎来估值修复的机会。

 市场风格切换加快

年初以来,恒指大型、中型和小型股指数分化非常明显,其中大型股指数年初至今涨幅高达27.83%,而中小型股和小型股指数涨幅则分别为21.32%和11.29%。大型股指数和小型股指数在3月中旬时涨幅基本相当,但3月中旬以来,小型股指数涨幅缓慢,而大型股指数则一路高歌猛进。今年上半年小型股指数显著跑输大型和中型股指数。

究其原因,市场人士表示,一方面是大型企业的经营状况比中小型企业要更好,当经济重返增长之路时,龙头企业比较好地把握了复苏的机会。另一方面,上半年香港市场的增量资金主要源于内地港股通资金的流入,内地资金在香港市场成交量中的占比显著提升,导致港股市场A股化,A股市场蓝筹和创业板之间的分化也体现在香港市场蓝筹股和小型股的表现上。此外,大部分来自内地的增量资金只能透过港股通交易港股,而进入港股通投资标的名单的小型股数量有限,小型股流动性受限,容纳投资资金的规模也有限,这是造成香港市场大型股和小型股表现分化的重要原因。

而近日港股市场出现的一个明显特征是大盘股调整,大市疲软成交量明显萎缩,市场整体谨慎气氛较浓,在地缘局势不够明朗的当下,谨慎可能成近期市场的主基调。近日市场涨幅居前的主要是以中小盘股低价股为主。根据万得数据显示,有39只1港元以下的低价股连续上涨3天以上,而逾90只低价股显示短线向上有效突破。

市场人士指出,港股市场在经历过最开始的金融蓝筹等大型股领涨的牛市第一阶段,过渡到中小型股表现明显强于大型股的牛市第二阶段,再到近日市场中低价小盘股集体暴涨,表明市场风格切换加快,目前已初现牛市第三阶段特征。但从时间点看,牛市第二阶段行情是否结束,牛市第三阶段行情是否真的开始,还需要进一步观察。

  优质小型股获资金青睐

恒指今年累涨了25.10%,在牛市行情下,今年恒生小型股的累计涨幅才11.29%。市场人士认为,当下投资者选择配置今年涨幅不大,但中报来看质地优质的小型股似乎比配置涨了很多的大型股更明智。

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