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每月動向

2023年8月基金投資動向

2023年08月07日

美國加息至22年高位,投資者可密切留意加息進程並發掘低估值市揚

7月26日,美聯儲公佈議息結果,加息25個基點,聯邦利率上調至5.25%至5.50%,是22年最高。美聯儲主席鮑威爾隨後表示,加息週期的結束可能不會很快到來。市場普遍認為美聯儲仍有可能繼續加息,惟亦是市場預期範圍內,分析師認為短期內美國股市仍會相對穩定。然而,考慮到目前美股估值已非常高,投資者應密切關注並考慮在估值較低的市場進行資金配置以分散風險。最近公佈的美國7月份ISM製造業指數為46.4,儘管略有回升,但低於預期,已連續九個月處於萎縮範圍,顯示製造業需求仍然疲軟。

惠譽將美國長期外幣信用評級從"AAA"下調至"AA+",並且評級展望穩定。此次降級是基於美國高企的債務水平和預計未來三年美國政府財政狀況惡化的預測。惠譽指出,過去20年來,美國政府的財政和債務管理情況日益惡化,特別是拜登政府與國會在6月份達成暫停債務上限的協議後,違反財政紀律的問題令人失望。儘管如此,拜登政府官員預計此次降級不會對美國政府的借貸成本產生影響。

美國財政部長耶倫對惠譽的降級決定表示強烈不同意。她指出,美國國債仍然是全球最安全和最具流動性的資產,且美國經濟從根本上來看是強勁的。耶倫表示,政府已通過立法解決債務上限、投資基礎設施以及提高美國競爭力的其他措施,兩黨已經採取行動改善了這些擔憂。

中國內地A股的券商股於7 月28 日表現顯著造好,市場分析認為A 股已展開升浪,表現將繼續受政策支持獲得改善,吸引力上升,成交量將會回增,利好劵商版塊。A股繼續上漲,香港股市亦相對受惠。不過,內房問題仍然困擾市場。內地經濟數據仍未見顯著回升,經濟復甦力道似乎不足,其中很大一項問題就是房產市道交易不理想;中共中央政治局召開會議,部署下半年經濟工作,特別要求得優化房地產政策,不再強調「房住不炒」,市場預期各地將會陸續鬆綁限購政策。如房產市道能平穩回升,將能帶動經濟回暖。

香港股市在7月份表現不俗,恒指按月升6 %。然而,全球經濟增長放緩、中美貿易緊張局勢和其他地區的不確定性仍然存在,對香港股市帶來必然的壓力下。

建議投資者密切關注美國加息進程和全球經濟動向,在個別地區股市高估值的情況下,分散風險並尋找估值較低的市場是值考慮的

投資者透過基金組合投資,由專業投資經理管理,投資組合可以分佈在不同地區、資產、行業、公司等,有助分散風險。客戶如欲查詢有關基金資訊,歡迎致電致富理財熱線: 2500 9188 聯絡我們。

致富有提供債券、基金一站式投資策略,供客戶選擇。想知道和瞭解更多,請即刻 按此 聯絡我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:

連結

投資涉及風險,以上建議只作為參考之用。致富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。以上報告由致富集團研究部的分析員(“此等人士”)所撰寫,此等人士均為香港證監會持牌人士。此外,截至本報告發表當日,此等人士均未於本報告中所推介的股份存有權益。



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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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