Reporter Li Lei Reporter of Meike Editor Jiang Yue
Hello everyone, let me introduce to you that during the National Day holiday, there was a market that hit a new high in the past 10 years, which is the Hong Kong Hang Seng Index.
Although the Hong Kong stock market has only three trading days this week, it did not hinder its continued rise. As of the last trading day of the week ending October 6, the Hang Seng Index rose 0.28% from the previous day to 28,458.04 points, setting a record high since December 2007. On October 3 and 4, the Hang Seng Index also rose by 2.25% and 0.73% respectively. Looking at the trends since the beginning of this year, the Hang Seng Index has risen 29%, becoming the leader in the Asia-Pacific stock market.
This year's Hang Seng Index trend
Shanghai, Hong Kong, Shenzhen and QDII fund holders' worries
Seeing this trend, the reporter of "Daily Economic News" sat up for a moment and quickly saw whether the Hong Kong stock fund he bought was "big". The reporter opened the APP with joy and found that the latest one could only see the net value of the fund on September 29, which is very unfriendly for investors who are eager to know the net value of the fund.
In fact, there has always been a myth in the public fund industry, that is, once A shares are closed, all types of funds will be stopped trading, and the net value will be stopped, and will be counted after opening . However, during this period, European and American stock markets and Hong Kong stock markets are trading normally. Is it really good that our public offerings do not participate at all and do not announce the situation? For investors who hold Shanghai-Hong Kong-Shenzhen Fund and QDII ( qualified domestic institutional investor ) funds like reporters, no matter how anxious they are, they can only wait anxiously for the fund company to announce its net value after the opening.
As a large public offering official told reporters half-jokingly: "If the fund manager really wants to trade, please bring the trader to work overtime. However, I see that the Hong Kong stock fund managers of our company are going out for vacation. No one should want to work overtime at this time. Investors have to wait until the opening to see the latest net value." Another middle and backstage person in
revealed that although the exchange has not started, it can be bought and sold from the investment side. "It is to bring up the backend. The custodian bank has people, so it needs to place instructions and valuations, so it is generally not placed." It also gave an example saying, "In the past, when there were products, the backend colleagues had to work overtime to give instructions."
A Hong Kong stock fund manager also told reporters that he didn’t have much time to watch the market during the short holiday because he couldn’t trade even after watching it. “And we were optimistic about the target companies for both Hong Kong stocks and overseas stocks, and we also formulated a long-term strategy and insisted on implementing it, so there were not many sudden changes in the short term.”
Although this is true, the reporter still believes that fund companies should treat different types of products and analyze specific issues in detail for different types of products. For example, if you encounter a special period when A-shares are closed and other markets are trading as usual, can you consider announcing the situation of other market products separately?
Fund manager talks about the future market of Hong Kong stocks: Continue to be optimistic, medium- and long-term bull market
"Daily Economic News" reporter interviewed many Shanghai, Hong Kong, Shenzhen and QDII fund managers to see their views on Hong Kong stocks after they hit a 10-year high.
Bai Haifeng, director of the International Business Department of China Merchants Fund and general manager of China Merchants Asset Management (Hong Kong), told reporters that his team has been firmly optimistic about Hong Kong stocks since last year, mainly because the risk preferences of funds have changed.
"Hong Kong stocks have reached a new high in recent times, and may be pushed higher. The reason is that the valuation of Hong Kong stocks is still relatively cheap now. The historical price-to-earnings ratio of the Hang Seng Index is between 8 and 22 times, with a median of about 15. If you look at the Hang Seng State Enterprise Index, its PB is less than 10 and its PE is less than 10, which still seems underestimated. We believe that the so-called new high is not a factor for profit settlement. The rise catalyst of Hong Kong stocks this week is the news of the People's Bank of China's targeted reserve requirement ratio cuts. We will continue to be firmly optimistic about Hong Kong stocks in the future."
Hong Kong Stock Fund Manager A: Short-term managers' view on the market is that the Hang Seng Index is expected to approach the 30,000 point mark this year, and is expected to set a historical high next year.The RMB will remain strong this year because there is a lot of demand for foreign exchange settlement at the end of the year, but the fastest round of appreciation has ended. The risks worth noting mainly come from the medium- and short-term liquidity impact caused by the potential appreciation of the US dollar, the liquidity and long-term valuation impact brought by the gradual withdrawal of global central banks from quantitative easing, and the corporate profit risks brought by the slowdown in domestic economic growth and tight liquidity.
Hong Kong Stock Fund Manager B: After the August performance period, Hong Kong stocks experienced some profit rebates. For example, when the performance of the four major banks generally exceeded expectations, their stock prices did not rise but fell. This is after the Hong Kong stock market has accumulated a certain cumulative increase this year. Under the catalysis of some risk factors, normal investors will take profits without affecting the improvement of Hong Kong stocks' earnings and the recovery of valuation.
Hong Kong Stock Fund Manager C: Hong Kong stocks' strong performance since mid-2016 includes three reasons: top-level Hong Kong Stock Connect mechanism design, strategic valuation profit and tactical capital flow. These three points have not changed since the beginning of the year, and have even been strengthened. So continuing to be optimistic will be a medium- and long-term bull market.
