Every reporter: Liu Mingtao Every editor: Xiao Ruidong
Today, Hong Kong stocks jumped high again and rebounded, in addition to Hong Kong stock technology, the Hong Kong stock consumer sector is strong, and many Hong Kong stock consumer ETFs have risen by more than 1%.
In terms of investment logic, Hong Kong consumer stocks are expected to usher in Davis's double click in the future. On the other hand, the US dollar liquidity ushered in an inflection point, helping the valuation of the denominator of Hang Seng to increase.
First of all, from the perspective of macro fundamentals, the momentum of economic growth has been recovering since the beginning of this year. Against this backdrop, per capita disposable income has also bottomed out, with per capita consumption expenditure growing significantly and consumer confidence bottoming out. In the future, as the economic recovery continues, aggregate consumer demand is expected to continue to expand.
Secondly, in addition to benefiting from the rebound in the fundamentals of the domestic consumer industry, Hong Kong stock consumption will also benefit from the promotion of valuation improvement, and the sharp tightening of US dollar liquidity is an important factor in suppressing the valuation of Hong Kong stock consumption in the early stage. In the future, as the Fed's interest rate hike draws to a close, the factor that weighed on valuations is expected to gradually dissipate.
Therefore, in the context of the resonance of the numerator and denominator, Hong Kong consumer stocks are expected to usher in Davis's double click in the future. The importance of the overall beta of the industry is much higher than the alpha of individual stock selection.
Comments: Hong Kong Consumer ETF (513590) rose 1.47% in the morning, and its size was 108 million shares. The Hong Kong Consumer ETF (159735) also rose 1.33% in the first half of the day, and its scale was relatively large, reaching 322 million shares. They all track the CSI Hong Kong Stock Connect Consumer Thematic Index.
The CSI Southbound Consumer Theme Index selects 50 consumer-themed related securities with good liquidity and large market capitalization from the scope of Southbound securities as the index sample to reflect the overall performance of the securities of consumer-listed companies in the Southbound Stock Connect. The market capitalization of the index's constituent stocks is dominated by large market capitalization, and compared with the Hang Seng Index, the index has the characteristics of large volatility and stronger performance elasticity. Other ETFs that track the index include the Hong Kong Consumer ETF (513230), the Hong Kong Stock Connect Consumer ETF (513960) and the Hong Kong Consumer 50 ETF (513070).
CSI Hong Kong Stock Connect Consumer Theme Index Heavy Stocks
Comments: The Hang Seng Consumer ETF (159699) rose 1.19% this morning and also rose more than 1% in the first half of the day, and both the ETF and the Hang Seng Consumer ETF (513970) track the Hang Seng Consumer Index.
A list of high-capitalization stocks in the Hang Seng Consumer Index
National Business Daily