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| 文件名: Shenzhen-Hong Kong Stock Connect-An essential guide.PDF | |
| 资料下载链接地址: https://bbs.pinggu.org/a-2332247.html | |
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免费分享 HSBC： Shenzhen-Hong Kong Stock Connect essential guide 107 pages
Part I: The Shenzhen Market 7 Q1: The Shenzhen Market: How is it different? 8 Welcome to Shenzhen: the new China 8 Shenzhen vs Shanghai: A tale of two cities 11 Q2: What about stocks in new economy sectors? 13 New economy sectors with high growth, earnings visibility and scarcity value 13 50 Representative stocks in the Shenzhen market 15 Q3: What are HSBC’s Top 5 Shenzhen stock picks? 17 Stock picks 17 Stock screens: Valuation, growth and liquidity 21 Q4: Are Shenzhen-listed stocks’ valuations justified? 25 How expensive are Shenzhen Ashares? 25 What explains Shenzhen’s high valuation 27 Q5: Why invest in Shenzhen, given the high valuation? 31 Low correlation 31 High dispersion 32 New economy exposure 32 Strong return 33 Opening the door for foreign participation 34 Q6: Who are you trading against? 35 A market of retail investors 35 Domestic mutual funds 37 The “national team” 41 National Social Security Fund 43 Q7: What can we learn from QFII investors? 45 A change in investment style 45 QFII funds to find value in Shenzhen stocks 46 Q8: How will the SZHKSC impact MSCI A-share inclusion? 51 MSCI delays A-share inclusion in June 51 SZHKSC: A catalyst for the inclusion 51 Recent progresses from China’s authorities 52 Q9: What’s the long-term impact of global investors’ participation in the A-share market? 54 Correcting a mismatch 54 Foreign fund flows could reach USD500bn in 5-10 years 56 Changes in investor composition and investment style expected 56 Q10: What are the major risks of investing in A-shares? 59 Widespread share suspension 59 Selling pressure from corporate insiders 60 Corporate governance 60 Consensus ratings too aggressive and bullish 61 Part II: The Hong Kong Market 63 Q11: Why do we expect strong southbound flows? 64 Hong Kong market rally fuelled by strong southbound inflows 64 Southbound inflows less prefer financials in October 66 Headwinds in the near term, yet new round of inflows expected from beginning of 2017 69 Q12: Will the SZHKSC narrow or widen the A- and H-share price gap? 70 A-share and H-share price gap to narrow in the medium term 70 Parity expected in the long term 73 Q13: Why do we expect a style rotation from large-cap stocks to small/mid-caps in the Hong Kong market? 74 Style rotation from large-caps to midand small-cap expected 74 Southbound inflows’ interest on large-caps decreased in October 74 Q14: What’s the long-term impact of mainland investors’ participation in the Hong Kong market? 77 Change in investor mix may lead to re-rating of Hong Kong stocks 77 Southbound annual inflows of at least RMB200bn expected in the next five years 79 Q15: How do we play the launch of the SZHKSC? 80 Searching for vibrant mid-/smallcaps, attractive valuation and solid fundamentals 80 Our analysts’ preferred H-share plays from five key sectors 80 Stock screens: Valuation and fundamentals in small-caps space 84 Appendix 89 Appendix 1: Key features of the SZHKSC 90 Appendix 2: Whether SHHKSC northbound/southbound trading is profitable 91 Methodology 91 Southbound return still negative yet improving 91 Northbound investment has generated solid year-to-date returns 92 Appendix 3: A-share foreign ownership restrictions and general disclosures 93 Appendix 4: Corporate governance and information disclosure in SZSE 94 Appendix 5: HSBC Shenzhen Ashare coverage list 95 Appendix 6: HSBC HK small- and mid-cap coverage list 96 Disclosure appendix 101 Disclaimer 104 |
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