金吾财讯 | 港股早盘震荡走低，截至午间收盘，恒指跌2.3%，国企指数跌2.46%，恒生科技指数跌3.78%。蓝筹中，比亚迪电子(00285)跌8.66%，理想汽车(02015)跌6.89%，吉利汽车(00175)跌6.11%，舜宇光学科技(02382)跌5.64%。涨幅方面，银河娱乐(00027)涨2.88%，中国海洋石油(00883)涨1.12%，中国神华(01088)涨1.02%。锂电池股普跌，天能动力(00819)跌11.54%，比亚迪电子跌8.66%，中创新航(03931)跌5.62%。汽车股受压，理想汽车跌6.89%，小鹏汽车(09868)、零跑汽车(09863)跌6.17%。另外，教育、机器人概念、医疗器械、钢铁、加密货币、半导体等板块亦受压。中泰国际表示，从风险溢价角度，港股恒生指数及MSCI中国指数的估值并不吸引，两者的风险溢价均已低于滚动两年平均两个标准偏差，而恒生指数的风险溢价更已跌至2018年1月以来新低，属于极端水平。随着公司业绩期基本面逐步验证，港股仍有高位震荡或板块更明显分化的可能。从积极角度，港股的ROE在持续改善，主要归功于平台消费互联网企业多年的降本增效、央国企增加分红回购并改善营运效率。若恒生指数及MSCI中国指数的ROE能回到2019年的水平，大约11%及12.4%，那么恒生指数及MSCI中国指数的预测PE在乐观情境可升至接近11倍及12倍，对应当前有3.7%及4.0%的潜在升幅。
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