汇丰控股有限公司将中国大陆股市评级上调至「超配」从「中性」，此决定基于中国政府最新的一系列支持措施，这使得市场变得更具吸引力，在风险与回报的考虑下尤其如此。「现在介入涨势为时不晚」，策略师在周四的一份报告中指出。报告提到当前的估值水平极具吸引力，且投资者配置仍较轻。汇丰公司的模型分析显示，中国大陆股市「按照基本面指标计算，则可能低估约15%」。
此评级升级是本周黑石集团对中国股市持「超配」看法之后的结果，市场对于中国股票涨势仍有增长空间的期待在增加。近期，以深圳为基准的内地指标已从9月低位上涨了27%，背景是中国宣布了一系列旨在提振经济增长的刺激政策。
据汇丰统计，相对于投资指数而言，投资者目前对大陆股市持有轻微「低配」（权重相比标准较低）约2.3个百分点的情况，这表明未来可能会出现更多的资金流入。在行业选择上，汇丰偏好增长型股票、国有企业改革受惠者及派发高股息的公司。
同时，为了调整对中国市场的超配策略，汇丰将墨西哥股市评级从「超配」下调至「中性」。他们预期全球发展中国家基金将从表现欠佳的市场（主要指拉丁美洲）减少持仓，转而加大对大陆股票的投资量。
这些变化表明了对中国经济复苏信心的提升以及全球化战略配置的变化。
新闻来源：www.bloomberg.com
原文地址：HSBC Lifts Onshore Chinese Stocks to Overweight on Policy Boost
新闻日期：2024-10-03
原文摘要：
HSBC Holdings Plc has upgraded mainland Chinese stocks to overweight from neutral, after authorities delivered a policy boost which renders the market more attractive from a risk-reward perspective.It’s “not too late to enter the rally” as valuations remain attractive while investor positioning is light, strategist wrote in a note on Thursday. The brokerage’s model suggests that mainland Chinese equities are still “15% undervalued based on fundamentals.”The upgrade follows a by BlackRock Inc. this week as expectations grow that the rally in China’s stocks may have room to run. The onshore gauge has rallied 27% from a recent low in September after Beijing unveiled a slew of stimulus measures to revive economic growth.Investors are currently underweight mainland Chinese stocks by 230 basis points relative to benchmarks, indicating potential for more inflows, according to HSBC. In terms of sectors, the brokerage favors growth names, beneficiaries of state-owned enterprise reforms and high dividend stocks.Meanwhile, HSBC cut its call on Mexican stocks to neutral from overweight to fund the China upgrade. It expects global developing-nation funds to close their overweight positions in markets that are underperforming – mainly Latin America — to add to their holding of mainland China equities.
