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滙豐投資管理下半年對半導體公司保持樂觀 包括國產晶片龍頭企業
滙豐投資管理發表下半年展望,雖然地緣政治緊張局勢帶來短期不確定性,但亞洲股市下半年仍有望向好。AI仍為關鍵的結構性推動力,投資週期利好科技硬件供應鏈的需求,其中很大一部分在亞洲製造及組裝。除AI之外,受能源轉型及國防開支增長的推動,亞洲正邁入更廣泛的工業資本支出上升週期。以上種種動力可望支撐就業、工資增長及消費,進而拓展科技以外的機遇。同時,亞洲各地的股東價...
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滙豐投資管理下半年對半導體公司保持樂觀 包括國產晶片龍頭企業
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滙豐投資管理發表下半年展望,雖然地緣政治緊張局勢帶來短期不確定性,但亞洲股市下半年仍有望向好。AI仍為關鍵的結構性推動力,投資週期利好科技硬件供應鏈的需求,其中很大一部分在亞洲製造及組裝。除AI之外,受能源轉型及國防開支增長的推動,亞洲正邁入更廣泛的工業資本支出上升週期。以上種種動力可望支撐就業、工資增長及消費,進而拓展科技以外的機遇。同時,亞洲各地的股東價值提升措施逐步加強企業管治並提高現金回報,有助縮窄與環球同業的估值折讓,並為最能受惠於該等改革的企業締造機遇。

在中國,增長逐漸從房地產轉向創新驅動的行業。未來幾季,再通脹環境可望趨於溫和,或將支撐企業盈利靠穩,並提升中國股票的相對吸引力。政策重點日益集中於推進硬件科技發展、加快AI應用和本土化,以及深化資本市場改革,這將有望提振市場氣氛及長線生產力。生物科技領域亦日益引人注目:AI正在革新藥物研發,中國企業正迅速收窄與環球龍頭企業的差距,除了持續推進對外授權,同時具備開發首創藥物的潛力。

另外,該行指,中國經濟仍面臨內需乏力及房地產市場低迷帶來的不利因素。然而,在針對性的財政刺激及強勁出口的推動下,2026年有望實現4.5%至5%的GDP增長。中國在有效輸出通縮的同時,擠壓環球競爭對手的利潤空間,但亦為亞洲其他地區抵禦通脹提供緩衝。中國與亞洲其他地區的貿易增長,亦抵銷關稅導致對西方市場出口增長乏力的影響。

滙豐投資管理亞洲股票高級投資專員Beth Wong表示,AI板塊的估值具盈利增長支持,意味著高估值背後有實際利潤在支撐。中國及亞洲股票市場展望方面,她指對部分半導體公司仍保持樂觀,包括一些中國本土的晶片龍頭企業,以及供應鏈中的設備股,例如光網絡概念股亦是看好的方向。(ha/a)

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