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华泰证券港股策略:指数相对稳健 板块轮动加强
华泰证券研报称,港股近两月演绎反弹行情,目前点位接近 2025 年一季度高点。往前看,利率、风险溢价和盈利三因素视角下市场或缺乏短期大幅上行的基础,叠加三季度全球经济和地缘环境不确定性仍然较高,华泰证券认为指数短期内可能重回震荡。在海内外投资者对中国资产关注上升、港股扩容带来趋势性增配环境下,市场大幅下行风险相对可控,但板块轮动重要性上升。具体配置上,维持中期策略的判断,三季度市场波动可能较高,港股红利(金融、能源)及必需消费等板块仍然可以作为底仓配置,兼顾防守和赔率。高景气行业如消费、医药、科技等中枢走高或未结束,若市场波动反而提供增配机会。



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华泰证券港股策略:指数相对稳健 板块轮动加强
华泰证券研报称,港股近两月演绎反弹行情,目前点位接近 2025 年一季度高点。往前看,利率、风险溢价和盈利三因素视角下市场或缺乏短期大幅上行的基础,叠加三季度全球经济和地缘环境不确定性仍然较高,华泰证券认为指数短期内可能重回震荡。在海内外投资者对中国资产关注上升、港股扩容带来趋势性增配环境下,市场大幅下行风险相对可控,但板块轮动重要性上升。具体配置上,维持中期策略的判断,三季度市场波动可能较高,港股红利(金融、能源)及必需消费等板块仍然可以作为底仓配置,兼顾防守和赔率。高景气行业如消费、医药、科技等中枢走高或未结束,若市场波动反而提供增配机会。

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