原标题：恒生科技V型反转，中概股迎来喘息机会？Hang Seng Technology V-shaped reversal, Chinese stocks ushered in a respite? 来源：e公司
延续昨晚美股中概股大跌走势，7月9日港股走出V型反转，上午盘中一度失守27000点，刷新年内新低，恒生科技指数盘中更是大跌超2.3%。
随后抄底资金流入，港股开始反弹。截至发稿，恒指涨0.86%，恒生科技指数涨1.53%。大型科技股回暖。
中信证券海指出，港股市场持续走弱也引发资金流出，7月前5个交易日南向资金累计净卖出近240亿港元。市场普遍担忧昨日国务院常委会释放的降准信号侧面反应了当前宏观经济增长低于预期，导致市场下跌。金融强监管或将持续至下半年，但随着估值的调整，科技板块已具备一定的配置性价比。
美股中概股接力港股下跌
7月8日港股恒生指数暴跌3%，接连9个交易日累计重挫7.3%，创下今年1月以来的新低。恒生科技更为惨烈，重挫近4%，较高点回撤33%。港股中一众科技龙头纷纷大跌。进入7月8日晚间，美国上市的中概股延续跌势，这是7月1日以来连续五个交易日出现集体大跌。
7月9日港股走出V型反转，上午盘中一度失守27000点，刷新年内新低，恒生科技指数盘中更是大跌超2.3%。
随后抄底资金流入，港股三大指数开始反弹。截至发稿，恒指涨0.86%，恒生科技指数涨1.53%。大型科技股回暖，小米涨超5%，美团涨超4%，腾讯控股涨超1%，百度集团转涨，阿里巴巴跌幅收窄。
中信证券指出，市场普遍担忧昨日国务院常委会释放的降准信号侧面反应了当前宏观经济增长低于预期，导致市场下跌。但从板块看，科技、能源、医药和消费跌幅靠前，市场下跌主要以「核心资产」为主。反垄断叠加中概监管趋严进一步压制了互联网龙头，而消费股估值偏高，增长不及预期是下跌主因。中信证券判断，金融强监管或将持续至下半年，但随着估值的调整，科技板块已具备一定的配置性价比。
市场人士指出，中概股近期暴跌，与去年极致抱团龙头，导致估值过高有很大关联。恒生科技指数去年7月27日正式挂牌，到今年2月，短短几个月暴涨50%。期间互联网纷纷实现翻倍上涨，估值远超过去5至10年的平均上线水平，因此面临巨大的回撤压力。
互联网龙头阿里巴巴的港股7月以来股价下跌超过10%，7月9日盘中一度跌破190港元，创出最近一年新低。
中信证券指出，高点以来，阿里巴巴股价累计下跌超过35%，部分反应市场对于短期基本面的悲观预期。但长期来看，公司作为行业龙头，数字化商业服务领域综合竞争优势显著领先，因此持续看好公司中长期竞争力与数字经济平台的稀缺价值，对公司中长期保持乐观。
港交所逆市上涨
互联网股遭遇抛售的情况下，年初一度风光无限的互联网主题基金，也正在遭遇净值的大幅回撤。Wind数据显示，权益类基金中，今年春节后基金净值下跌超过三成的基金有交银中证海外中国互联网、易方达中证海外互联ETF，全部都是聚焦互联网股的基金。
但互联网中概股下跌并非没有受益者。港交所7月7日起开始大幅拉升，7日至今涨幅已达5.6%，市值突破6200亿港元。随着对中概股加强监管。分析人士认为，这或许会促使部分计划赴美上市的公司转向香港上市。
国信证券指出，滴滴出行等公司被实施网络安全审查事件背后，释放出监管机构对于目前境外上市企业监管趋严的信号。随着信息安全监管趋严，「小红筹」企业出海难度增加，国信证券预计A股上市企业包容性将进一步提升，为关键领域红筹企业上市企业铺平道路。此外，在中美关系紧张，中概股生存环境压缩背景下，港股作为上市条件更为灵活、运作效率更高的市场有望迎来中概股集中回归。
中金公司指出，近期小鹏汽车双重上市登陆港股引起市场关注。双重上市需满足港交所一般的上市要求，不享有二次上市190章节的豁免条款，但是满足纳入互联互通的潜在要求。在二次上市公司入通尚未突破的背景下，此为新经济企业获得南下资金支持提供了新的参考路径。
另外，港交所宣布将推出全新FINI首次公开招程序，全面简化及数字化香港IPO招股程序、将IPO结算同期由当前的T+5缩短至T+2等，最早于明年第四季实施。中金认为，FINI的推出有助于缩短新股定价与交易之前的周期，提升市效资金使用效率、及市场定价效率港交所通过持续的上市及交易制度优化，不断提升市场的长期吸引力。
Source: e Company
Continuing the sharp decline in US stocks last night, Hong Kong stocks made a V-shaped reversal on July 9, losing 27000 points in the morning, refreshing a new low for the year, and the Hang Seng Technology Index fell more than 2.3 per cent in intraday trading.
Then bottomed capital inflows, Hong Kong stocks began to rebound. As of press time, the Hang Seng Index is up 0.86% and the Hang Seng Technology Index is up 1.53%. Large technology stocks are picking up.
Citic Securities Hai pointed out that the continued weakness of the Hong Kong stock market also led to capital outflows, with net sales of southward funds totaling nearly HK $24 billion in the first five trading days of July. The market is generally worried that the signal of reserve reduction released by the standing Committee of the State Council yesterday reflected that the current macroeconomic growth was lower than expected, leading to a decline in the market. Strong financial regulation may continue into the second half of the year, but with the adjustment of valuations, the technology sector has a certain allocation performance-to-price ratio.
Us-listed Chinese stocks relayed the decline in Hong Kong stocks.
The hang Seng index of Hong Kong stocks plunged 3 per cent on July 8, falling 7.3 per cent for nine consecutive trading days, the lowest since January this year. Hang Seng Technology was even worse, falling nearly 4 per cent and retreating 33 per cent from its peak. A large number of technology leaders in Hong Kong stocks have plummeted one after another. In the evening of July 8, US-listed US-listed Chinese stocks continued their decline, which was the fifth consecutive trading day of sharp declines since July 1.
Hong Kong stocks went out of the V-shaped reversal on July 9, losing 27000 points in the morning, a new low for the year, and the Hang Seng Technology Index fell more than 2.3% in intraday trading.
Then bottomed out of capital inflows, Hong Kong stocks began to rebound in the three major indices.As of press time, the Hang Seng Index is up 0.86% and the Hang Seng Technology Index is up 1.53%. Large-scale technology stocks rebounded, Xiaomi rose more than 5%, Meituan rose more than 4%, Tencent Holdings rose more than 1%, Baidu Group rose, Alibaba's decline narrowed.
Citic Securities pointed out that there was widespread concern that yesterday's RRR cut signal released by the standing Committee of the State Council reflected the current lower-than-expected macroeconomic growth, leading to a decline in the market. However, from the perspective of the sector, technology, energy, medicine and consumption fell at the top, and the market fell mainly in "core assets". The tightening of regulation in the anti-monopoly stack has further suppressed the Internet leader, while consumer stocks have high valuations and lower-than-expected growth is the main reason for the decline. Citic Securities judgment金Financing and strengthening regulation may continue into the second half of the year, but with the adjustment of valuations, the technology sector has a certain allocation performance-to-price ratio.
Market participants pointed out that the recent collapse of Chinese stocks has a lot to do with the extreme group leader last year, which led to excessive valuations. The hang Seng technology index was officially listed on July 27 last year, and in February this year, it soared 50% in just a few months. During this period, the Internet has doubled one after another, and the estimated value is far higher than the average online level of the past 5 to 10 years, so it is facing great pressure to pull back.
Shares in Hong Kong shares of Alibaba, the internet leader, have fallen more than 10 per cent since July, falling below HK $190,000,000 in intraday trading on July 9, a recent year's low.
Citic Securities points out that Alibaba's share price has fallen more than 35% since its peak, partly reflecting the market's pessimistic expectations for short-term fundamentals. However, in the long run, the company, as the industry leader, has a significant competitive advantage in the field of digital business services, so it continues to be optimistic about the company's medium-and long-term competitiveness and the scarce value of the digital economy platform, and is optimistic about the company in the medium and long term.
HKEx rose against the market
In the case of a sell-off in Internet stocks, Internet-themed funds, which were once glamorous at the beginning of the year, are also experiencing a sharp pullback in their net worth. Wind data show that among the equity funds, the funds whose net worth has fallen by more than 30% after the Spring Festival this year are BoCom China Securities overseas China Internet, Yi Fangda China Securities overseas interconnection ETF, all of which focus on Internet stocks.
But the decline in Chinese stocks on the Internet is not without beneficiaries. The HKEx began to rise sharply on July 7, and has risen 5.6% since July 7, with a market capitalization of more than HK $620 billion. With the strengthening of the supervision of Chinese stocks. Analysts believe this may prompt some companies planning to list in the US to turn to Hong Kong.
Guoxin Securities pointed out that behind the cyber security review of DiDi and other companies, it released a signal that regulators are tightening supervision over overseas listed companies. With the stricter supervision of information security, it is more difficult for "Little Red Chip" enterprises to go to sea, and Guoxin Securities expects that the inclusiveness of A-share listed enterprises will be further improved, paving the way for listed red-chip enterprises in key areas. In addition, under the background of tense Sino-US relations and the compressed living environment of US-China stocks,As a market with more flexible listing conditions and more efficient operation, Hong Kong stocks are expected to usher in the centralized return of Chinese stocks.
China International Capital Corporation pointed out that the recent dual listing of Xiaopeng Motor landed in Hong Kong has aroused market concern. Dual listing needs to meet the general listing requirements of the HKEx and does not enjoy the exemption clause of the 190 chapter of secondary listing, but meets the potential requirements of including interconnection. Under the background that the access of secondary listed companies has not been broken through, this provides a new reference path for new economy enterprises to obtain southward financial support.
In addition, the HKEx announced that it will launch a new FINI initial public offering procedure, comprehensively simplify and digitize the Hong Kong IPO IPO process, and shorten the IPO settlement period from the current Tunable 5 to Tunable 2, which will be implemented as early as the fourth quarter of next year. CICC believes that the launch of FINI will help shorten the cycle before IPO pricing and trading, improve the efficiency of the use of market performance funds, and market pricing efficiency. HKEx continues to enhance the long-term attractiveness of the market through continuous listing and trading system optimization.
Edit / lydia
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