差价合约是复杂的金融交易产品,可带来由杠杆作用而导致迅速亏损的高风险。大部分的零售投资者帐户在跟交易差价合约时录得资金亏损。您应当考虑您是否充分明白差价合约如何运作,以及您是否能承受您的资金损失的高风险。

中概股年终一夜暴涨,今年有望扭转颓势吗?

在岁末年终时,中概股上演了一出大反转。美股三大指数年末集体收跌,惟衡量中概股整体表现的纳斯达克金龙中国指数突然一夜暴涨9.4%,创下2008年以来最大单日涨幅,中概股总市值一夜增长逾6000亿元人民币。当天美股开市后,中概股全线升超过1成,其中爱奇艺升17%,腾讯音乐、蔚来汽车升15%,就连最弱势的教育股也出现急升,高途升22%。究竟为什么会出现大反转?今年中概股的前景又将如何?

 

今年以来,中概股一直表现惨淡,彭博消息称,在美中概股市值自2月以来已累计蒸发超过1万亿美元。由于投资者包括散户普遍看淡中概股,部分中概股的淡仓极重,但成交量却不大,为外资大户制造挟淡仓的好机会,并造成抢货效应,令中概股在岁末时刻出现暴涨。

 

此次单日大反转并不能彻底一扫中概股在投资者心中长期积累的低迷印象。不过,这是否意味着今年中概股在今年有望出现反弹?

 

中金公司在报告中表示,突然的大涨可能是一些技术性因素所致,如空头回补等等,此外也不排除有年底冲业绩需要和一部分税收抵扣的因素。但在技术性因素之外,考虑到海外中资股经过近一年下跌后所处的估值水平和相对吸引力,他们的分析团队认为也不排除的确存在一部分为2022年做布局的资金所驱动。

 

至于中概股未来前景,中金公司也给出了正面的看法。其分析人士表示,随着短期不确定性逐步消退和稳增长政策进一步落地,他们认为海外中资股市场有望逐步反弹,进而吸引更多资金流入。不过,风险和不确定性依然存在,如来自中美关系以及全球Omicron疫情等多方面消息的干扰。

 

由于政治环境不稳定和监管政策不明朗等因素,外资对中国企业的投资担忧仍会持续。包含索罗斯基金公司、避险基金英仕曼集团等大型机构投资人日前皆表示,非常担忧在美国和亚洲交易的中概股前景。

 

今年亦有大量中概股“回流”香港市场的现象,所以未来预计会出现更多中概股选择从美股退市或更换上市地点。除了计划回香港上市的滴滴之外,今年还有可能“回流”的中概股数量较多,包括拼多多、蔚来汽车、贝壳、腾讯音乐娱乐、富途控股等。

 

另一方面,市场也在担忧美联储的加息周期即将来临,在紧缩政策的背景之下,中概股投资者尤其会担忧会不会出现中国境内的美元资金外流和人民币对美元贬值的情况,部分中概股的股价市值已经缩水,汇率的波动对中概股估值或会造成进一步的负面影响。

 

虽然诸多不明朗因素仍然有待观察,大多数投资者仍对中概股持审慎态度,但是中美关系在朝着缓和方向努力、投资者仍然看好中国国内消费增长等因素都会成为中概股未来反弹的动力来源。长期来说,中概股企业应该将改善自身盈利和提升竞争力作为发展重点,保持稳定增长的业绩才能获得投资人的青睐。短期来说,目前国家“稳增长”的政策会利好部分金融、地产板块以及中下游消费板块的中概股。

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