On January 11, the market turnover was HK$48.04 billion. The Hang Seng Index opened 0.64% higher this morning to 26,692 points; the market showed a W-shaped trend throughout the day, and it opened higher and fell, then pulled up again, then fell or pulled up again, the ups and downs fluctuated, the volume remained relatively active, and investors gradually entered Field trading. Aviation stocks on the board rose sharply, leading the gains. The sectors of technology, real estate, insurance, gas and education recorded an increase, and pharmaceutical and oil stocks adjusted back.BrokerThe sectors are up and down. The Hang Seng Index saw a minimum of 26,494 points throughout the day, with a maximum of 26,692 points.
At the close, the Hang Seng Index rose 0.55% to 26,667 points; the HSCEI rose 0.58% to 10,454 points; the red chip index rose 0.77% to 4,275 points.
North and southCash flowto
FromShanghai and Shenzhen PortLooking at the flow of funds from the north and the south, as of press release, southward fundsNet inflow239 million yuan, of which the net inflow of Shanghai-Hong Kong Stock Connect was 126 million yuan. The balance of funds on the day was 41.874 billion yuan, and the net inflow of Shenzhen-Hong Kong Stock Connect was 113 million yuan. The balance of funds on that day was 41.887 billion yuan.
The net inflow of funds to the north is 4.495 billion yuan, of whichShanghai Stock ConnectThe net inflow was 2.959 billion yuan, and the balance of funds on the day was 49.041 billion yuan.Deep shareThe net inflow was 1.536 billion yuan, and the balance of funds on the day was 50.464 billion yuan.
Looking ahead to the market, institutions generally believe that although the risk of causing the HSI to decline is not eliminated, there are still structural investment opportunities.
Zhongtai International pointed out that from the trend analysis, Hong Kong stocks are currently in the stage of the news, the market's policy is to stimulate the relevant sectors to create good factors, but in the face of fundamental and financial constraints, offshore It is still difficult for Hong Kong stocks in the market to get rid of the short-term in the short term. In operation, the A-share market in the shore can remain optimistic, but the offshore Hong Kong stock market, which is greatly affected by external factors, continues to be more cautious.
Credit Suisse's 2019 outlook for the mainland and Hong Kong stock market said that after the market experienced a rapid decline this year, it is expected to stabilize in 2019, but based on the weak corporate earnings outlook, the potential upside is expected to be limited. The bank said that the mainland and Hong Kong stock market valuations are reasonable. Under the basic situation forecast, the target for the HSI will be lowered from 28,000 points to 27,000 points, with a potential increase of 1.9%, and the target for the H-Share Index will be lowered by 13,000 points. Dropped to 12,000 points, with a potential increase of 13%.
Everbright Securities releasedResearch reportIt is pointed out that the Hong Kong stock market will continue to expose fundamental risks in the first half of 2019. Due to 2018PerformanceThe downturn, the market's valuation digest will be postponed to the second half. Fundamental pressure will further depress the market's valuation volatility hub, while external risks will reinvigorate market volatility, and the Hong Kong stock market may once again bottom out in the first half of the year. In the second half of the year, as the base effect turns from negative to positive and the fundamentals show a marginal improvement trend, the Hong Kong stock market is expected to launch a round of valuation repair. However, due to the lack of substantial recovery in the profitability of the Chinese financial sector during the financial downturn, the Hong Kong dollar marketinterest rateThe return to the US dollar has constrained Hong Kong's financial real estate sector's earnings growth and valuation upwards. The lack of fundamentals continued to reverse expectations. The overall valuation of the Hong Kong stock market is limited. The fundamentals of the industry level and the restoration will bring structural opportunities at the individual and industry levels.
Everbright Securities expects the HSI to range from 24,000 to 28,000, showing a pattern of low and high. In the first half of the year, the high dividend sector was hedged; in the second half of the year, it took the initiative to focus on the structural improvement industry. In terms of specific configuration, in the first half of the year, it is recommended to configure high-return low-valued sectors such as banks, telecommunications services, transportation industry, and some consumer and utility stocks to hedge. In the second half of the year, with the internal and external marginal improvement of the environment and the market valuation and repair process, it is recommended to focus on industry opportunities with sufficient valuation retracement and improved growth, such as non-bank finance, Chinese property, TMT, environmental protection, etc.; and benefit from policy dividends. Valuation and repair opportunities in industries such as real estate, banking, construction engineering and machinery sectors.
The overseas research team of GF Securities pointed out that the four main lines of the Hong Kong stock industry in 2019 are: 1) Economic andinterest rateIn the down period, the layout of consumption and service sectors, first "weak cycle", and then "early cycle", such as consumer services, insurance, automobiles, etc., 2) pre-accepted by the high cost of the dollar, resulting in a decline in gross profit margins of consumer and technology, 3 The middle and upper reaches of the cycle are under pressure, but the buildings on the infrastructure chain may have reversal opportunities. 4) High dividend yield stocks represented by the Hang Seng Hong Kong 35 Index.
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Hong Kong and US stocks are invested in the Eastern Fortune International Securities, and the operation of the Hong Kong-US market is synchronized.