【券商聚焦】交银国际:两会政策指引符合预期,AI持续进化,港股“空中加油”

金吾财讯
12 Mar

金吾财讯 | 交银国际表示,政策支持与技术进步共振,港股过去一周续创新高,领跑全球主要股指:1)技术层面,中国内地AI持续进步,上周阿里发布新AI开源模型+内地创业公司推出通用AI Agent智能体产品Manus,继续强化科技主线叙事;2)两会政策符合预期,并延续了“924”以来的积极定调,产业政策层面强调对消费、科技领域的支持,而后续政策持续兑现有望成为行情上涨的新催化剂。海外流动性延续缓和,港股AI科技资产迎来资金配置机会。特朗普政策不确定性影响下,美国一系列经济指标转弱,降息预期再度升温,美元、美债利率回落,美股波动增强,“Magnificent 7”连续出现调整。海外流动性缓和,且作为美国之外,汇聚全球主要AI上市标的港股市场,有望成为短期追求稳定性和AI敞口的资金战略性配置选择。当前港股估值仍低于历史均值,且低于全球大部分主要股指,而主要科技龙头标的估值较美股仍有不小折让,且随着算力业绩逐渐释放,以及经济内生动能接力,估值预计仍有上修空间。该行指,随着两会的落幕,市场关注重心或将重回宏观基本面,包括两会增量财政政策的分配和落地节奏,以及经济增长情况。同时,港股业绩持续披露中,主要科网股将密集发布业绩,重点关注企业盈利情况以及对未来资本支出/业绩指引。

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