overnight US stock performed sluggishly, while Chinese stocks listed in the US fell almost across the board. This morning, Hong Kong stock opened sharply lower, and large Internet giants collectively fell. Tencent Holdings fell by more than 4.5% to hit a new low in more than five years, Meituan fell by nearly 5%, Xiaomi fell by more than 2%, and Kuaishou fell by nearly 4%.
Hong Kong stock Internet ETF (513770) opened low and fell by more than 3%, and the turnover of exceeded 40 million yuan. While the market continues to adjust, the valuation level of , Hong Kong Stock Connect, , Internet Index (931637), tracked by the Hong Kong Stock Connect, is at the historical bottom, with the latest price-to-earnings ratio PE of only 26.57, which is lower than the historical range of more than 99%.
It is worth noting that since the third quarter, foreign giants have firmly increased their holdings in the Internet sector, and southbound funds have made a large net inflow. . The holdings of holdings of by funds such as JPMorgan Chase and Capital Group as of the end of September show that both JPMorgan Chase China Stock Fund and European Pacific Growth Fund, a subsidiary of Capital Group, have increased their holdings in . Tencent and other Internet stocks. Not only that, JPMorgan Chase has comprehensively raised the ratings and target prices of Chinese Internet companies after reexamining the short-term and long-term fundamental prospects of Chinese Internet technology companies.
southbound funds have been in the net purchase of for four consecutive days, exceeding HK$5 billion in a single day, the first time since February 2021. Looking back in September, the southbound funds changed the embarrassment of a total net purchase of less than 10 billion in July and August, and continued to increase in volume, with a net purchase amount of HK$34.896 billion.
0 billion private equity institution Jinglin Asset 's latest view believes that Hong Kong stocks are currently extremely cheap, and the room for upward is likely to be greater than the risk of downward, and the risk-adjusted returns are already very attractive. Huatai Securities analyst Zhang Xinyuan believes that Hong Kong stocks are currently seriously oversold, and multiple indicators such as valuation and repurchase scale have sent buy signals.
This article comes from the financial industry
