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致富:聯儲局收水市場冷靜 配置得宜助分散風險

2021年11月15日

中、港股及美股今年表現可謂天壤之別,前兩者表現疲弱,後者則連番破頂,由年初截至本周四止,滬綜指升幅不多於2%,恒指更錄得逾7%的跌幅,反觀美國標指累計上升近24%。

中、港股及美股今年表現可謂天壤之別,前兩者表現疲弱,後者則連番破頂,由年初截至本周四止,滬綜指升幅不多於2%,恒指更錄得逾7%的跌幅,反觀美國標指累計上升近24%。

致富財富管理部總經理張德明解釋,美股近期升勢強勁,主要有兩個原因: 首先是11月3日美國聯儲局公布的議息結果符合市場預期,他指當局在減少買債決定公布前,已向市場釋放相關信息,投資者有充裕的時間作出部署應對,因此在消息公布當天,市場並沒有過大反應,亦不會對「收水」消息感到驚訝。此外,張氏認為聯儲局在聲明中仍然維持通脹只是暫時性的看法,市場料加息步伐未至,對股市影響有限。

美國聯儲局認為經濟活動漸回復正軌,是適當時候逐步「收水」,而通脹將於稍後回落,而當前的重點是恢復經濟增長和改善就業,因此不急於加息,阻礙經濟復甦。低息環境有助降低企業及個人投資者的資金借貸成本,風險資產續受支持。

另一邊廂,張氏指港股表現容易受外圍因素影響,尤其是內地市場。內地股市年內表現遜色的主因是行業監管政策令個別新經濟股表現受壓,加上最近內房債務問題重現,增添投資者對中港股票之觀望情緒。

投資者大多認為內地的監管政策是過分干預市場,但當中亦有分析表示認同。張氏引用「股神」巴菲特的商業夥伴查理·芒格(Charlie Munger)的看法,他認為考慮到中國所面對的獨特問題,「他們的制度更適合自己」,而中國在面對經濟繁榮時會更加謹慎,並着眼於調控方面,而不是等到泡沫破裂後才採取措施。

近期恒大事件觸發投資者憂慮房地產企業資金鏈問題,引致內房股價下跌,亦拖累了內銀及保險股的表現;能源價格高企,加上國內實施限電政策,影響內地工業生產,市場擔心內地經濟增長受阻。投資者有見及此,更對中、港股市卻步,投入如美國、歐洲及印度等海外市場。

從目前股市估值之市盈率(P/E)而言,張氏認為中、港股票頗為吸引,而且中國在刺激經濟措施上,會有較大的空間,如國務院總理李克強早前曾表示正研究減稅降費政策,重振經濟。

中國經濟體系舉足輕重,投資者除了考慮受惠持續經濟復甦、低息環境下的歐美市場外,亦可考慮配置中港股票基金,平衡投資風險,優化回報。

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!

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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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