自2016年(nian)12月5日啟動至(zhi)今,深港(gang)通(tong)(tong)一(yi)周(zhou)歲了。這一(yi)年(nian)里,深港(gang)通(tong)(tong)運作(zuo)平穩有序,跨境監管合作(zuo)順(shun)暢,市(shi)場(chang)建設(she)邁出積極步伐,有力地提升(sheng)了內地與(yu)香港(gang)市(shi)場(chang)的(de)(de)國際競爭力和服務實體經濟能(neng)力。也(ye)是在這一(yi)年(nian)里,三大巨變正(zheng)在形成(cheng):深港(gang)通(tong)(tong)交投(tou)日趨(qu)火爆,開(kai)始由慢熱(re)進入(ru)(ru)火熱(re)狀態;從資金流向可以(yi)看出,基于(yu)創新創業(ye)特(te)色的(de)(de)深市(shi)公司正(zheng)在吸引越(yue)來越(yue)多境外資金的(de)(de)關注;隨(sui)著參與(yu)機構(gou)(gou)的(de)(de)增多,A股(gu)的(de)(de)市(shi)場(chang)結構(gou)(gou)進一(yi)步優化(hua),價(jia)值投(tou)資理念日漸(jian)深入(ru)(ru)人心。
由慢熱轉向火熱
自開(kai)通(tong)(tong)(tong)(tong)(tong)以來,深(shen)港通(tong)(tong)(tong)(tong)(tong)已(yi)成為連(lian)接兩地資本市(shi)場與投(tou)(tou)資者的重要(yao)紐帶,市(shi)場成交(jiao)(jiao)(jiao)額(e)穩步增長(chang),投(tou)(tou)資者參與積(ji)極性(xing)高,市(shi)場影響力日益顯現。統計數據顯示,自開(kai)通(tong)(tong)(tong)(tong)(tong)以來,深(shen)港通(tong)(tong)(tong)(tong)(tong)投(tou)(tou)資交(jiao)(jiao)(jiao)易(yi)行為日漸活躍,累計交(jiao)(jiao)(jiao)易(yi)金(jin)額(e)已(yi)達(da)1.29萬億元。其中(zhong),深(shen)股(gu)(gu)通(tong)(tong)(tong)(tong)(tong)交(jiao)(jiao)(jiao)易(yi)金(jin)額(e)8821.41億元,港股(gu)(gu)通(tong)(tong)(tong)(tong)(tong)交(jiao)(jiao)(jiao)易(yi)金(jin)額(e)4126.35億元。深(shen)股(gu)(gu)通(tong)(tong)(tong)(tong)(tong)日均交(jiao)(jiao)(jiao)易(yi)金(jin)額(e)由開(kai)通(tong)(tong)(tong)(tong)(tong)首(shou)月(yue)(yue)(yue)的15.41億元提(ti)升至最(zui)近(jin)一個月(yue)(yue)(yue)的73.77億元,增幅379%,港股(gu)(gu)通(tong)(tong)(tong)(tong)(tong)日均交(jiao)(jiao)(jiao)易(yi)金(jin)額(e)由開(kai)通(tong)(tong)(tong)(tong)(tong)首(shou)月(yue)(yue)(yue)的4.54億元提(ti)升至最(zui)近(jin)一個月(yue)(yue)(yue)的38.4億元,增幅745%。深(shen)股(gu)(gu)通(tong)(tong)(tong)(tong)(tong)和港股(gu)(gu)通(tong)(tong)(tong)(tong)(tong)日均額(e)度(du)使用(yong)占(zhan)比分別為5.25%和5.58%。
從深港(gang)通(tong)的月(yue)均(jun)成(cheng)交(jiao)額也(ye)可看出,深港(gang)通(tong)正在由(you)慢熱進入(ru)火熱狀態。去(qu)年(nian)12月(yue),深股(gu)(gu)通(tong)總(zong)成(cheng)交(jiao)金(jin)額為261.9億元(yuan),深市港(gang)股(gu)(gu)通(tong)總(zong)成(cheng)交(jiao)金(jin)額為79.4億港(gang)元(yuan),此后月(yue)成(cheng)交(jiao)額穩(wen)定持(chi)續增(zeng)長(chang)。到今年(nian)11月(yue),深股(gu)(gu)通(tong)該月(yue)總(zong)成(cheng)交(jiao)金(jin)額已達1622.9億元(yuan),較(jiao)開通(tong)首(shou)月(yue)增(zeng)長(chang)520%;深市港(gang)股(gu)(gu)通(tong)該月(yue)總(zong)成(cheng)交(jiao)金(jin)額也(ye)增(zeng)長(chang)至995.1億港(gang)元(yuan),離千億僅一步(bu)之遙,較(jiao)開通(tong)首(shou)月(yue)增(zeng)長(chang)1153%。
一(yi)年(nian)來,市場(chang)各方積極參(can)與深港通(tong),目前已有(you)97家(jia)(jia)(jia)證券公司(si)、57家(jia)(jia)(jia)基金公司(si)、19家(jia)(jia)(jia)資管公司(si)參(can)與港股(gu)(gu)通(tong),另(ling)有(you)134家(jia)(jia)(jia)香港經紀商參(can)與深股(gu)(gu)通(tong)交易(yi),較開(kai)通(tong)初(chu)期82家(jia)(jia)(jia)增加(jia)63.4%。
兩地資金的(de)(de)這(zhe)種“爆(bao)發式”加(jia)速(su)流動,也讓作為(wei)投資者(zhe)和股(gu)市“橋梁(liang)”的(de)(de)券商感觸頗深。國信證券經紀事(shi)業部(bu)副總裁徐敬耀對記者(zhe)表示,深港通的(de)(de)投資已經逐(zhu)步(bu)成為(wei)公(gong)司大客(ke)戶資產配置的(de)(de)重要組成部(bu)分(fen)。
平(ping)安證(zheng)券(quan)經紀(ji)業務部(bu)事業部(bu)客(ke)(ke)戶經營中心董事總經理張新年表示,深(shen)港通(tong)開通(tong)后,平(ping)安的港股通(tong)交易客(ke)(ke)戶數較(jiao)2016年增長(chang)了75%,預計今年港股通(tong)交易量將超200億元。
隨著深(shen)港(gang)(gang)通(tong)交易日益活(huo)躍、投資者參與度(du)顯著提高,深(shen)港(gang)(gang)通(tong)對內地(di)與香港(gang)(gang)市(shi)(shi)場的(de)影響力逐步(bu)增(zeng)(zeng)強。其中,深(shen)股(gu)通(tong)標的(de)交易金額占深(shen)市(shi)(shi)A股(gu)的(de)比例(li)由開通(tong)首月的(de)0.28%提升至最近一(yi)個(ge)月的(de)1.35%,港(gang)(gang)股(gu)通(tong)占比也由開通(tong)首月的(de)0.41%上升至最近一(yi)個(ge)月的(de)1.9%。同時(shi),跨境持(chi)股(gu)市(shi)(shi)值(zhi)也逐漸增(zeng)(zeng)加,目前深(shen)股(gu)通(tong)持(chi)股(gu)市(shi)(shi)值(zhi)已增(zeng)(zeng)長(chang)至1862.79億元,約(yue)占深(shen)市(shi)(shi)A股(gu)總市(shi)(shi)值(zhi)的(de)0.79%,港(gang)(gang)股(gu)通(tong)持(chi)有市(shi)(shi)值(zhi)累(lei)計(ji)達1285.11億港(gang)(gang)幣(bi),約(yue)占港(gang)(gang)股(gu)主板總市(shi)(shi)值(zhi)的(de)0.39%。
創新型公司受境外資金追捧
深港(gang)通(tong)一方面(mian)便(bian)利投資(zi)(zi)(zi)者(zhe)資(zi)(zi)(zi)產配置,使投資(zi)(zi)(zi)者(zhe)更好地共享兩地經濟發展成(cheng)果,滿足投資(zi)(zi)(zi)者(zhe)多樣化的跨(kua)境投資(zi)(zi)(zi)及風險(xian)管理需(xu)求,另一方面(mian)也(ye)給A股和港(gang)股市場分別帶(dai)來了新的增(zeng)量資(zi)(zi)(zi)金和投資(zi)(zi)(zi)者(zhe)。
從交易情況來看,深(shen)港通(tong)呈現出跨境資(zi)(zi)金凈(jing)流入態勢(shi),彰(zhang)顯了深(shen)交所市場特別是(shi)代表創(chuang)新創(chuang)業(ye)經(jing)(jing)濟的(de)(de)深(shen)市A股對海外投資(zi)(zi)者的(de)(de)吸引力。而深(shen)港通(tong)跨境投資(zi)(zi)標(biao)的(de)(de)創(chuang)新特色的(de)(de)凸顯,同(tong)時(shi)也有力支持了實體經(jing)(jing)濟發展(zhan)。
數據(ju)顯示,外資(zi)對于深股通(tong)(tong)(tong)的(de)偏好顯然(ran)高于滬(hu)股通(tong)(tong)(tong)。與滬(hu)港(gang)通(tong)(tong)(tong)南向資(zi)金大于北向資(zi)金不同,截至12月(yue)4日,深股通(tong)(tong)(tong)累(lei)計凈流(liu)入1487.63億(yi)元,港(gang)股通(tong)(tong)(tong)累(lei)計凈買(mai)入971.35億(yi)元,跨境資(zi)金凈流(liu)入516.28億(yi)元。
“深市創新型上(shang)(shang)市公(gong)司(si)已成(cheng)為獨特的資(zi)(zi)產類別,受到境外投(tou)資(zi)(zi)者(zhe)高度認(ren)可,越(yue)來越(yue)多國際投(tou)資(zi)(zi)者(zhe)希望通過投(tou)資(zi)(zi)深市上(shang)(shang)市公(gong)司(si)搭(da)乘中國內(nei)地經濟發展快車。”張新年(nian)認(ren)為,深交所上(shang)(shang)市的各(ge)種創新性企(qi)業是中國內(nei)地經濟未來發展的重要部分,對外資(zi)(zi)而言充滿著吸引力。
從行(xing)業(ye)來看,深股(gu)通資金主要集中(zhong)在以消費(fei)行(xing)業(ye)為代表的(de)(de)低(di)估值藍(lan)籌(chou)股(gu),以及有(you)核(he)心技術增長(chang)預期確定的(de)(de)成(cheng)長(chang)股(gu),這(zhe)也凸顯了深交(jiao)(jiao)所(suo)市(shi)場創新經濟發展特色。目前,深股(gu)通在中(zhong)小板(ban)(ban)、創業(ye)板(ban)(ban)標的(de)(de)交(jiao)(jiao)易金額合(he)計占(zhan)比已達(da)56%,持股(gu)市(shi)值占(zhan)比達(da)到(dao)49%,部分指數權重股(gu)如海康威視(shi)、格力電器等(deng)所(suo)持流通股(gu)比例(li)已接近10%。
深港兩地(di)的(de)資(zi)金(jin)流(liu)和(he)(he)信(xin)息(xi)流(liu)加(jia)速融合(he),提(ti)高(gao)了香(xiang)港的(de)國際(ji)資(zi)產(chan)配置效(xiao)率,香(xiang)港市(shi)場(chang)的(de)流(liu)動(dong)性和(he)(he)活躍(yue)度明顯提(ti)高(gao),在促進內地(di)和(he)(he)香(xiang)港特別是粵(yue)港資(zi)本市(shi)場(chang)共同(tong)發(fa)展(zhan)的(de)同(tong)時,也為深化粵(yue)港澳(ao)大灣(wan)區金(jin)融合(he)作奠定(ding)了良好基礎。
券(quan)商(shang)也紛紛搶抓(zhua)深(shen)港(gang)(gang)通(tong)(tong)(tong)(tong)機遇,探索擴大經紀、研究和(he)咨詢業(ye)務(wu)(wu)的覆蓋范圍,開發以(yi)深(shen)港(gang)(gang)通(tong)(tong)(tong)(tong)標的為(wei)基(ji)礎(chu)的創新產品。“深(shen)港(gang)(gang)通(tong)(tong)(tong)(tong)擴寬了(le)券(quan)商(shang)為(wei)投(tou)資者提供服務(wu)(wu)的渠道,為(wei)券(quan)商(shang)經紀業(ye)務(wu)(wu)向財富(fu)管理轉型提供了(le)工(gong)具和(he)手(shou)段,也豐富(fu)了(le)我們的業(ye)務(wu)(wu)收入來源。”徐敬耀表示,深(shen)港(gang)(gang)通(tong)(tong)(tong)(tong)的開通(tong)(tong)(tong)(tong)為(wei)國信證券(quan)的經紀業(ye)務(wu)(wu)拓(tuo)展了(le)一個全新的業(ye)務(wu)(wu)領域,培育了(le)一支港(gang)(gang)股通(tong)(tong)(tong)(tong)投(tou)顧(gu)服務(wu)(wu)團(tuan)隊,也為(wei)今(jin)后滬港(gang)(gang)深(shen)三地(di)市(shi)場“互聯(lian)互通(tong)(tong)(tong)(tong)”的業(ye)務(wu)(wu)拓(tuo)展儲備了(le)大量客戶(hu)資源。
價值投資理念深入人心
隨著深(shen)港通交易日益活躍、投(tou)(tou)(tou)資者(zhe)參與(yu)度顯著提(ti)高,A股的市場結構進一步優(you)化(hua),長(chang)(chang)期價(jia)值投(tou)(tou)(tou)資理念日漸深(shen)入人心。尤其是境外機構投(tou)(tou)(tou)資者(zhe)以長(chang)(chang)期價(jia)值投(tou)(tou)(tou)資為主,具(ju)有較強的引領示范作用。統計顯示,一年來,境外機構參與(yu)了748次股東大會投(tou)(tou)(tou)票,涉及314家深(shen)市上市公司。
在境外機構(gou)投資者的(de)示范帶(dai)動下,深市估(gu)值結構(gou)趨于均(jun)衡,各(ge)板(ban)塊(kuai)市盈(ying)率(lv)均(jun)回歸歷史(shi)均(jun)值,截至12月(yue)4日,深證A股(gu)、中小板(ban)和創業板(ban)市盈(ying)率(lv)分別為33倍、38倍和49倍,較深港通(tong)開(kai)通(tong)初期分別下降29.79%、26.92%和25.3%。
國(guo)信證券經紀(ji)事(shi)業部副總裁(cai)徐敬耀(yao)指出,南北(bei)向資(zi)金的(de)(de)流動,一是實(shi)現(xian)了兩地(di)資(zi)本市場(chang)的(de)(de)最大價格發現(xian)功能(neng),讓上(shang)市公司的(de)(de)價格評價體系(xi)更加(jia)趨于合理。二(er)是受港股機構投(tou)資(zi)者占多(duo)數(shu)的(de)(de)影響(xiang),更多(duo)內地(di)投(tou)資(zi)者逐步趨向于長期價值投(tou)資(zi),長遠來看投(tou)資(zi)者的(de)(de)投(tou)資(zi)理念和交(jiao)易習慣(guan)將更加(jia)成(cheng)熟(shu)。
境外(wai)機(ji)構投資者(zhe)的(de)參與,也推(tui)動(dong)著深(shen)(shen)市(shi)上(shang)(shang)(shang)市(shi)公(gong)司(si)規范運作(zuo)水平不斷提高(gao)。深(shen)(shen)圳(zhen)某上(shang)(shang)(shang)市(shi)公(gong)司(si)高(gao)管對記(ji)者(zhe)表示,境外(wai)機(ji)構投資者(zhe)普遍關注上(shang)(shang)(shang)市(shi)公(gong)司(si)盈利能力和成長性,重視公(gong)司(si)治理情(qing)況和信息披露(lu)質量,這對上(shang)(shang)(shang)市(shi)公(gong)司(si)規范運作(zuo)水平提出更高(gao)要(yao)求。
不論是價(jia)值投資理念還是上市(shi)公(gong)司治理,都只是深港通推(tui)動A股國際化(hua)程(cheng)度進一(yi)步(bu)提(ti)升的一(yi)個縮影。今年6月21日(ri)(ri)(ri),A股被納(na)入MSCI新(xin)興市(shi)場指(zhi)數,深股通持股市(shi)值規模從宣(xuan)布(bu)當日(ri)(ri)(ri)的1001.53億元(yuan)上升至(zhi)(zhi)目前的1862.79億元(yuan),升幅為86%,持股市(shi)值占比從宣(xuan)布(bu)納(na)入當日(ri)(ri)(ri)的0.64%上升至(zhi)(zhi)12月4日(ri)(ri)(ri)的0.79%,日(ri)(ri)(ri)均(jun)交易(yi)金(jin)額也(ye)從6月份的日(ri)(ri)(ri)均(jun)38.29億元(yuan)增至(zhi)(zhi)最近一(yi)個月的日(ri)(ri)(ri)均(jun)73.77億元(yuan),A股國際化(hua)程(cheng)度進一(yi)步(bu)提(ti)升。
不(bu)少(shao)業內(nei)(nei)人士(shi)也對深港(gang)(gang)通(tong)(tong)提出了更高的期(qi)待(dai)。“通(tong)(tong)過(guo)港(gang)(gang)股(gu)通(tong)(tong)參(can)與(yu)(yu)香港(gang)(gang)新股(gu)申購是投(tou)資(zi)(zi)者(zhe)比較急迫的需求,因為香港(gang)(gang)市場(chang)經常有一些A股(gu)稀缺的優(you)質(zhi)企業上市,內(nei)(nei)地(di)(di)投(tou)資(zi)(zi)者(zhe)往往很樂意參(can)與(yu)(yu)申購。”內(nei)(nei)地(di)(di)某大型券商人士(shi)表(biao)示,港(gang)(gang)股(gu)通(tong)(tong)交(jiao)易清算安排與(yu)(yu)內(nei)(nei)地(di)(di)投(tou)資(zi)(zi)者(zhe)的習慣也有待(dai)磨合,建(jian)議通(tong)(tong)過(guo)技術手段讓(rang)內(nei)(nei)地(di)(di)港(gang)(gang)股(gu)通(tong)(tong)投(tou)資(zi)(zi)者(zhe)在每一個香港(gang)(gang)市場(chang)開市的日期(qi)都能交(jiao)易。
中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)聲明:凡(fan)本(ben)(ben)(ben)網(wang)注(zhu)明“來(lai)源:中(zhong)(zhong)(zhong)國(guo)(guo)證(zheng)(zheng)(zheng)券(quan)(quan)報(bao)·中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)”的(de)所有作(zuo)品(pin),版權均屬于(yu)(yu)中(zhong)(zhong)(zhong)國(guo)(guo)證(zheng)(zheng)(zheng)券(quan)(quan)報(bao)、中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)。中(zhong)(zhong)(zhong)國(guo)(guo)證(zheng)(zheng)(zheng)券(quan)(quan)報(bao)·中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)與作(zuo)品(pin)作(zuo)者聯合聲明,任何組(zu)織未經中(zhong)(zhong)(zhong)國(guo)(guo)證(zheng)(zheng)(zheng)券(quan)(quan)報(bao)、中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)以及(ji)作(zuo)者書面授(shou)權不得轉載(zai)、摘編或利用(yong)其它方式使(shi)用(yong)上述作(zuo)品(pin)。凡(fan)本(ben)(ben)(ben)網(wang)注(zhu)明來(lai)源非中(zhong)(zhong)(zhong)國(guo)(guo)證(zheng)(zheng)(zheng)券(quan)(quan)報(bao)·中(zhong)(zhong)(zhong)證(zheng)(zheng)(zheng)網(wang)的(de)作(zuo)品(pin),均轉載(zai)自其它媒體,轉載(zai)目(mu)的(de)在于(yu)(yu)更好服務讀(du)者、傳遞信息之需,并不代(dai)表(biao)本(ben)(ben)(ben)網(wang)贊同其觀點(dian),本(ben)(ben)(ben)網(wang)亦不對其真實(shi)性負(fu)責,持異(yi)議者應與原出(chu)處單位主張權利。
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