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每月動向

2021年5月基金投資動向

2021年04月30日

香港股市有「五窮六絕七翻身」的講法,而外國則有「Sell in May and Go Away」的妙句,歷史會重演嗎?

香港股市有「五窮六絕七翻身」的講法,而外國則有「Sell in May and Go Away」的妙句,歷史會重演嗎?香港恒生指數在4月28日及4月29日均能收報29,000點以上,惟4月30日受公布之4月份中國製造業採購經理指數(PMI)較預期差的情況影響下,恒生指數上午收報28,856點,跌447點。美國股市方面,雖然當地主要股票指數屢創新高,但市場仍然憂慮國庫債券孳息率將會持續上揚,亦憂慮通脹升溫最終迫使美國聯儲局提早加息,令投資者減持股票。美國10年期國庫債券孳息率(以下簡稱「債息」)於4月29日收報1.65厘計算,較去年底上升0.72厘。

近期的債息回升,主要是由經濟復甦所衍生的通貨膨脹所帶動。去年受疫情影響,環球央行紛紛加大量化寬鬆,令市場資金充裕;今年疫苗推出,接種人數陸續增多,全球確診個案逐步回落,社區活動得以有望重啟,令經濟活動相較去年最差之時回升;加上近期公佈的經濟數據及企業盈利都錄得正面增長,市場預期通脹加劇而推升息率。美國總統拜登擬加稅的消息曾一度令美國股市下瀉,後因公布的3個PMI數據均創新高(製造業PMI報60.6、服務業PMI報63.1,綜合PMI報62.2),帶動股市氣氛回升。

港股除了受美股影響之外,更加跟隨內地A股走勢;中概股回歸對資金流入抽新股的影響、台海地緣政治、病毒變種問題及中美關係發展等因素,亦需密切留意。不過,水向低流,市場資金動向一般流往低窪地帶,個別地區股市之估值相對便宜,市盈率(P/E)較為吸引,現金較為充裕的投資者,不妨考慮買入這些地區之股票基金。以4月29日收市為例,美國標準普爾500指數市盈率為42.88倍,而中國上證綜合指數則只有16.87倍。較為平衡的組合,可考慮股債混合基金;而較保守的投資者,則宜手持現金,伺機而行。基金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。

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,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

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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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