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致富:增企業稅或令美股調整 中港歐股基金吸引

2021年09月24日

港人移民熱門地包括加拿大、英國、澳洲等,分別標註着北美洲、歐洲、亞太區市場,準備移民人士應更緊貼當地金融市場的消息,今期將簡述這三大市場的基金投資前景。致富財富管理部總經理張德明表示,以美國為主的美洲基金將受企業稅、通脹升溫、聯儲局縮表及中美關係緊張的影響,而且估值較高,反之歐洲、亞太區基金較符合長線增值目標。

港人移民熱門地包括加拿大、英國、澳洲等,分別標註着北美洲、歐洲、亞太區市場,準備移民人士應更緊貼當地金融市場的消息,今期將簡述這三大市場的基金投資前景。致富財富管理部總經理張德明表示,以美國為主的美洲基金將受企業稅、通脹升溫、聯儲局縮表及中美關係緊張的影響,而且估值較高,反之歐洲、亞太區基金較符合長線增值目標。

美股自年初以來已上漲不少,以標準普爾500指數(「標指」)為例,截至9月17日為止,升幅達18%,他直言過去一年美股基金表現不俗,期間即使經歷通脹及加息壓力而調整,但其後亦拾回升勢,主要原因乃在經濟復甦的大前提下,投資者預期企前盈利將會持續增長,且在過去的一年,不少企業都作出股份回購行動,亦支撐美股的表現。

不過,隨着經濟復甦,通脹持續升溫,市場對加息收水的預期陸續浮現。事實上,種種原因加劇通脹,如疫情持續令某些地區封城,影響運輸及貨物供應,令價格成本繼續上漲。加上中美關係持續緊張,供應鏈的變化或令美國的取貨成本增加。

他表示雖然縮表影響短期的大市回報,但仍在市場的預期範圍之內,反而,近日美國經濟數據未如理想,意味着企業盈利增幅或不能維持在預期水平,而整體股票市場之市盈率或進一上升,會導致其估值比其他地區如歐洲、中港市場為高,標指目前市盈率達30多倍。

再者,即使聯儲局短期內不縮表,在美國政府負債29萬億美元,必須開源節流的情況下,很大機會實行拜登政府由大選以來一直倡議的企業稅和富人稅上調,加稅會令企業盈利大幅減少,同時降低企業回購股份的動力,直接打擊投資意欲,變相成為美股向下調整的一大因素。

由於目前有大量不確定因素,若投資者當前持有大量美股基金,他建議可減持美股比例,選投較便宜的歐洲、中港地區基金,較符合長線增值的投資目標。倘若投資者擔心中、港股的政策風險,則可考慮歐洲股票基金,其估值較為合理,而且變種病毒引致重症及死亡的影響似乎有限,相信大部分地區不會加強防疫措施,料旅遊及零售恢復後,銀行、消費及工業方面板塊能受惠周期性復甦。

若單純考慮估值因素,投資者可考慮中港消費股份類基金。去年內地雙循環政策出台,加上與美國貿易白熱化,經濟增長需要依賴國內消費帶動。無可否認,近期中國恒大的債務問題困擾市場,否則內銀股價亦非常吸引,股息率達7至8厘。客戶如欲將部分資產配置在金融股份板塊上,他則建議環球金融股票基金,能有效分散投資風險。

致富提供24間基金公司、合共約500隻認可零售基金供投資者選擇。如果大家在自行挑選基金上遇有疑難,歡迎隨時聯繫致富的客戶經理,獲取專業的投資理財建議 按此

投資基金「零」負擔

透過「致富通」應用程式或致富網頁,投資基金「零」負擔,單次認購或月供計劃一律免佣,基金購金額更低至 5,000港元 或 700美元,另購買精選保險享有高達50%折扣優惠。

致富有提供債券、基金一站式投資策略,比供客戶選擇。想知道和了解更多,請即刻聯絡我哋們投資策略專員解答疑難!

WhatsApp : 投資策略專員

更多基金資訊、種類 和 比較:

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上述報告由致富證券有限公司(「本公司」)所提供,所載之內容或意見乃根據本公司認為可靠之資料來源來編製,惟本公司並不就此等內容之準確性、完整性及正確性作出明示或默示之保證。上述報告內之所有意見均可在不作另行通知之下作出更改。上述報告的作用純粹為提供資訊,並不應視為對上述報告內提及的任何產品買賣或交易之專業推介、建議、邀請或要約。本公司及其附屬公司、僱員及其家屬及有關人士可於任何時間持有、買賣或以市場認可之方式,包括以代理人或當事人對本報告內提及的任何產品進行投資或買賣。投資附帶風險,投資者需注意投資項目之價值可升亦可跌,而過往之表現亦不一定反映未來之表現。投資者進行投資前請尋求獨立之投資意見。本公司在法律上均不負責任何人因使用本報告內資料而蒙受的任何直接或間接損失。本公司擁有此報告內容之版權,在未獲本公司許可前,不得翻印、分發或發行本報告以作任何用途。

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