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。

股市至暗难减ETF市场热度,今年下半年哪些ETF板块前景佳?

在今年上半年,由于受到升息担忧、通胀困扰以及俄乌战争等多重因素的影响,美股遇52年最差表现,低迷的股市让更多的投资者开始关注美股ETF,一方面希望令资产配置更加多元化,另一方面希望选择一些抗通胀、更稳健和流动性高的资产对冲风险。

更加利好的消息是,6月28日,中国证监会和中国香港证监会发布公告,决定批准两地交易所正式将符合条件的ETF纳入内地与香港股票市场交易互联互通机制。互联互通下的ETF交易将于2022年7月4日开始。这意味着所有香港及海外投资者,包括机构及个人投资者,均可买卖沪股通下的合资格上交所上市ETF ,以及深股通下的合资格深交所上市ETF。

尽管美股经历了半年多的下行颓势,但是资本对于ETF的热度没有冷却,尤其是反向ETF的投资者更是收获了丰厚的回报。根据英国研究机构ETFGI统计资料显示,5月资金投入ETF强劲,净流入达802.8亿美元,累计至5月底净流入达4178.7亿美元,为历史第二高,仅次于去年同期的5723.6亿美元。其中,香港ETF市场今年的平均每日成交金额进一步增加至约 11 亿美元,达到历史新高。

可以看出投资者今年对于ETF市场的热情是有增无减。但是今年上半年和下半年ETF资产的选择可能需要做出一些相应的调整。由于俄乌之间爆发战争、能源供应短缺等问题持续推升能源价格,令做多能源类ETF的投资者成为今年上半年当之无愧的赢家,几乎占据2022上半年美股ETF涨幅榜近半席位,在标普500指数中,能源板块也成为唯一一个在上半年收涨的板块。

眼看上半年投资能源类ETF的投资者赚得盆满钵满,转眼步入下半年,能源类ETF的前景似乎不那么稳定了,投资者需要注意油气板块及煤炭等能源类股票补跌的风险,尤其是近段时间国际油价出现大幅下跌,反映出市场对于全球经济衰退的担忧,认为或会抑制原油、燃料等大宗商品的需求。

而且,欧佩克+近期在会议上确认维持此前宣布的产量配额调整方案,决定把8月份原油日产量配额提高64.8万桶,将名义石油产量恢复到疫情前的水平。增产的消息也令油价有所降温,加上俄罗斯方面在积极寻找代替市场,6月的原油产量实际是不降反增。这些因素可能会为下半年能源类ETF的表现带来更多波动和不确定性,投资风险相比上半年大增,但可能会为反向ETF投资者带来较大机遇。

在今年下半年,ETF投资者可以将更多重点放在留意一些赛道确定性较强,符合全球发展大势,以及存在较高的增长潜力的领域,比如说首批8只碳中和ETF即将在今年的7月初正式发行,低碳、光伏、储能等相关产业链可能在下半年迎来机遇,加上低碳行业在ETF市场的历史表现相对市场基准收益增长明显并且适合稳健的长期投资者。

另外,国家工信部等5个部门早前支持绿色智慧家电下乡及以旧换新行动,随着内地疫情好转,将进一步刺激居民消费意愿,短期来看电力、家电等板块可能会受政策提振。另外,提倡智能化、绿色环保的理念也让新能源车以及相关电池行业的前景获市场普遍看好,下半年投资者可以更多留意相关车企的业绩表现,选择适合自己的需求的标的资产,不过也要谨慎选择新能源板块中一些在上半年已经累计涨幅过多的个股。

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