Market Brief

The articles are produced in Chinese only.

Author

陳招富先生 (Anthony Chan)
高級交易員

現任職輝立交易員,樂意與客戶研究買賣策略。歡迎各位來電交流心得
Phone:
22776655

香港交易所(00388.HK)

Monday, April 29, 2019 Views796

業績回顧

港交所去年首三季收入及其他收益達122.96億, 較去年同期高出27%,主要由於來自現貨市場成交及衍生產品市場成交量增加帶動交易及結算費上升,及上市公司及新上市衍生權證及牛熊證數目增加,繼而令上市費創新高。

 

業務發展前景

 

1. 同股不同權及未有收入的生物科技公司上市

 

香港交易所去年4月底進行二十五年來最大上市改革,包括容許同股不同權(WVR)及未有收入的生物科技公司在港上市,而WVR公司更將於7月納入港股通。目前已有七家生科公司在港上市,以集資額計,香港已經成為全球第三大生物科技公司上市地,不少生物科技行業專才如分析師、投資者及顧問等,紛紛加入香港的資本市場,香港有機會發展為全球生物科技企業融資中心。

 

內地推出創科板,會令新經濟公司上市這塊餅愈做愈大,相信香港亦可受惠,例如一些企業會考慮透過“A H”形式,在中港兩地雙重上市。如果滬港通納入科創板股份,將可吸引更多國際投資者通過香港投資內地。

 

 

 

 

 

2. 港交所或短期內推出MSCIA股指數期貨

 

假若內地政府進一步鬆綁對中國A股指數期貨的限制,再加上MSCI新興市場指數將在5月增加A股權重,港交所將獲批在短期內推出MSCIA股國際通指數期貨。現時新交所富時A50指數期貨是海外A股投資者的唯一對沖工具。不過,以MSCIA股國際通指數作為基準指數,富時A50指數在過去兩年的跟踪誤差約6.5%(平均每年計)。因此,港交所的MSCIA股國際通指數期貨應該會受到海外投資者的歡迎,因為它有機會消除了跟踪誤差的風險。

 

3. 岸債券期貨

 

港交所今年底會推出中國在岸債券期貨,以5年期國債期貨和流通量較高的政策性銀行債券打頭陣,第二階段可以發行10年 期國債。港交所正探討如何使用現有的股票互聯互通基建,跨境買賣滬、深、港三地交易所上市的債券。

 

 

港交所正進行業務轉型,從資產類別以及交易和非交易費用(例如保管服務和數據分析)方面實現更加平衡的收益,多元的收入結構更加穩定的收入來源。從長期看,公司估值將進一步提高。

 

 

風險

交易量大幅下滑;戰略規劃執行不及預期。

目前債券期貨和債券互聯互通所帶來的營收和利潤效益尚不明確。

 

 

筆者建議在260元附近建倉,止蝕價 247元。

 

註:本人陳招富為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

 

 

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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