China Business Network Client, February 22nd. According to the official Weibo of the Hong Kong Stock Exchange, the Hong Kong Stock Exchange said that the single-day transaction volume of the Hong Kong securities market has set a record today (22nd), reaching HK$303.6 billion.
Source: Hong Kong Stock Exchange official Weibo
On the 22nd, Hong Kong stocks fluctuated sharply again, gradually lowering during the day after the opening. As of the close, the Hang Seng Index fell 1.06% to 30319.83 points. The sectors were quite differentiated, with copper, tobacco, forestry, timber, aluminum, steel and other sectors leading the rise; the five sectors, including medical and medical beauty services, auto parts, advertising and publicity, food additives, and publishing, leading the decline. Technology stocks fell collectively, Tencent Holdings fell 3.71%, Alibaba fell 2.49%, and JD Group fell 3.80%.
As for the hot market of Hong Kong stocks since the beginning of the year, Guohai Securities research report analysis pointed out that since the epidemic, global monetary easing has hedged the impact on the economy. Major stock indexes around the world rose, with good returns since March last year. However, due to the rapid pace of domestic recovery in the early stage, it led to A-share undergoing a bull market, and , and the sluggish performance of Hong Kong stocks in the early stage made it more attractive in price compared to A-shares. Therefore, in early 2021, the market triggered a wave of capital going south and buying at the bottom of Hong Kong stocks.
However, in the view of Guohai Securities, this round of Hong Kong stock market is not a "flooding". First of all, from the perspective of the contribution of driving the Hang Seng Index to rise, from March 19, 2020 to February 19, 2021, among the top 10 stocks that pushed the Hang Seng Index to rise, Tencent Holdings, AIA Insurance and the Hong Kong Stock Exchange made a great contribution, pushing the Hang Seng Index to rise by 2140.24, 1230.64, and 1164.18 points respectively; according to the industry classification of the Hong Kong Stock Exchange, the top 10 stock industries that pushed the hank Seng Index to rise were mainly concentrated in the information technology and financial industries.
Secondly, in terms of market value by industry, from March 2020 to January 2021, the market value of the Hong Kong stock market increased by 54.53%, among which industries such as healthcare, information technology, and non-essential consumption are more popular with the market, and their market value has all "doubled", with growth rates of 155.62%, 100.46%, and 101.17%, respectively.
From the perspective of valuation, as of February 19, 2021, the overall valuation of the Hang Seng Index reached 17.3104, at the 88.17% quarter from 2002 to the present. Although the valuation of the Hang Seng Index is still a certain distance from the valuation level of overseas markets, the current valuation level cannot be said to be low. From the perspective of AH shares premium, the domestic recovery was fast in the early stage, and the dividends of A-shares surge made companies listed in the mainland have obvious premiums. However, since the funds moved south in January, the premium level of AH shares has gradually returned.
First Shanghai Securities believes that at this stage, the market's optimistic expectations for economic recovery have not changed, and the liquidity of capital is still relatively abundant. I believe that the overall stability of Hong Kong stocks can still be maintained, and the focus may be put back to internal factors. The performance of heavyweight stocks such as the announcement of HSBC and the Hong Kong Stock Exchange is expected to be the market's next focus.
Looking forward, CICC research report stated that investors are advised to pay close attention to policy signals (especially related signals in the real estate market and credit bond defaults) and potential profit surprises. Against this background, balancing allocation of new and old economic sectors is still a reasonable choice, such as laying out industry targets that benefit from strong recovery in exports, consumption and services, as well as some cyclical sectors that have strong demand. In addition, we believe that unique high-quality H shares will still be favored by southbound investors. (China Business Network APP)
(The views in the article are for reference only and do not constitute investment advice. Investment is risky, so be cautious when entering the market.)
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