Hang Seng Index climbs 10 months and falls down 30,000 has lost more than 15 billion North Water for 11 consecutive days to buy internal insurance

Hang Seng Index climbs 10 months and falls down 30,000 has lost more than 15 billion North Water for 11 consecutive days to buy internal insurance

Beishui continued to absorb Hong Kong stocks. Hong Kong Stock Connect has recorded a net inflow for 11 consecutive trading days, with a total investment of 14.94 billion yuan, the longest period of capital since the middle of October last year. Although Hong Kong stocks continued to be sought after by mainland investors yesterday, A-shares underperformed, dragging down the Hang Seng Index after hitting a high of nearly 10 months, and fell below 30,000 points. It closed at a low level and closed at 29,810 points, down 99 points (0.33%). ); the H-Share Index fell 27 points (0.24%) to close at 11,631 points.

The Hang Seng Index was soft at night, closing at 29,700 points, down 125 points and 111 points lower. At 1:30 am, the ADR Hong Kong stock index was at 29,682 points, 128 points lower than Hong Kong.

The Hang Seng Index opened 210 points higher yesterday and continued to move upwards. It once smashed 370 points and rushed to a high of 30280 points in the past 10 months. After that, the mainland stock market’s gains gradually narrowed. Hong Kong stocks turned down and turned down, and the main board turnover was about 110 billion yuan, the short-selling ratio reached 21.9%, a new high for one month. The Shanghai Composite Index also fell. It closed at 3177 points, down 10 points (0.34%), and was under pressure for the third consecutive day. The Shenzhen Composite Index fell 78 points (0.78%) to 10053 points. The total turnover of the Shanghai and Shenzhen stock exchanges increased by nearly 20% to 775.8 billion yuan.

Citi sings well Tencent stuns 1%

Tencent (00700) has been raised by Citigroup to increase its revenue and earnings per share forecast for this year to 2021, and raised its target price from 430 yuan to 453 yuan. However, the stock closed at a full-day low of 388.2 yuan yesterday, down 1.4. %. In addition, there are reports that Tencent Interactive Entertainment Group (IEG), its intelligent innovation business unit (Inlab) is trying to develop game phones, Tencent has contact with Taiwan ASUS, Razer (01337) and other manufacturers. The news spurred Razer’s stock price to be 10.9%, closing at 2.13 yuan, and rising by 26% in six consecutive years.

Although Hong Kong stocks failed to stabilize at a high level, the valuation was more attractive than A-shares and continued to be pursued by North Water. “Hong Kong Stock Connect" recorded a net purchase of 950 million yuan yesterday. Together with the net inflow of the past 10 trading days, “Hong Kong Stock Connect" has absorbed a total of 14.94 billion yuan in the past 11 trading days. Insurance stocks, Ping An (02318) recorded a net purchase of 304 million yuan yesterday, and CPIC (02601) and Xinhua Insurance (01336) had net purchases of 149 million yuan and 138 million yuan respectively. On the other hand, foreign capital continued to withdraw from A-shares, and Shanghai and Shenzhen Stock Exchanges had a net outflow of 2.27 billion yuan yesterday. It was the seventh consecutive trading day to record net stocks, the largest number of days since January 2017.

Gao Ting, China’s chief strategist at UBS Securities, said that due to the A-shares’ monthly rankings, its valuation has reached a five-year average. Some overseas investors’ preference for individual stocks has already been higher than the historical average, so it is not Less investors choose to lose weight. As for the recovery of Hong Kong stocks by mainland funds, or because of the increased risk appetite of mainland investors and the expansion of the AH premium, the valuation of Hong Kong stocks is more attractive.

A-shares are expensive.

According to the data, the HSI’s estimated P/E ratio for the full year of 2019 is 11.52 times, still slightly lower than the average of 11.6 times in the past 10 years; A-shares’ forecast P/E ratio is 11.95 times this year, which has exceeded the average of 11.8 times in the past 10 years.

The current valuation of the HSI is still “water level". The analysis shows that Hong Kong stocks will continue to climb after a short-term consolidation. Zhou Wenling, a senior securities analyst at the Swiss Baosheng Private Bank China and Hong Kong market, pointed out that the mainland’s economic data exceeded expectations, and the market is worried that the central government may not maintain a positive “discharge", so it took the opportunity to profit at a high level.

Zhou Wenling believes that there are not many bad news in the market, and there will be no major adjustments. The Hang Seng Index is expected to be at the 30,000-point mark. The medium and long-term line is expected to continue to improve this year. It is not recommended for investors to increase their holdings of cash. However, Hong Kong stocks have accumulated a certain increase. It is not surprising that there have been thousands of adjustments in the future. However, the economic data released recently have been satisfactory, and the timing of adjustment has not yet arrived.

Lin Yinji, Managing Director and Head of Research Department of Guangyin International, agrees that investors are not in a hurry to make profits at this stage. The main reason is that the wealth in the Mainland will improve in March, and the wealth effect brought by the recovery of A-shares in the year is expected to improve consumption in the Mainland. The current valuation is still not high