The Hang Seng Index will reappear to 2,4000 points. Since this year, Hengfeng has fallen by 13.79%, and the whole year has a trend of clouds. At the same time, the Hang Seng Technology Index is only one step away from this year’s low, from this year’s trend analysis, Hang Seng Technology Index has fallen 28.45%, and the investment experience of Hong Kong stocks since this year is not good.
In addition, since October this year, the Hong Kong stock market has shown a trend of new shares. Since October, there have been many Hong Kong stocks successfully issued listing, but except for micro-invasive robots – B, the next day, the remaining port stocks are basically a trend of slightly or falling. New stocks have been broken on the first day, for many investors, this thought can be cheap, but since the new shares listed, the overall trend is not optimistic. During this time, in addition to the minimally invasive robot-B has increased the increase of 38.89% of Beijing Jiaye, the remaining port stocks have shown a double-digit decline. This shows that the effectiveness of the Hong Kong stock market in the fourth quarter of this year is very poor.
On the one hand, it is a new low in the HSI, on the other hand, Hong Kong stocks have fallen into a broken tide, and the investment confidence in the Hong Kong stock market has also fallen into the trough. However, behind the Hong Kong stock market continues to be sluggish, it is actually related to several aspects.
First, Hong Kong stock technology stocks have been sold frequently, some well-known science and technology giants, from the high point in the year, the market has a substantial transformation of the investment logic and valuation system of technology stocks. In addition, with the significant slowdown in the profit growth of Hong Kong stocks, the corresponding valuation level does not fall, and the market’s valuation pricing of technology stocks has fallen into pessimistic situation.
Second, from August 1 this year, the Hong Kong stocks stamp duty is up to 30% and raised from 0.1% to a level of 0.13%. However, compared to the stamp-based stamps in the A-share market, the stamp tax in the Hong Kong stock market is in the form of two-way income, so the investment investment in Hong Kong stocks is significantly improved, and the investment in the Hong Kong stock market is naturally large. Discount.
Third, in these years, the Hong Kong stock market has basically fluctuated between 20,000 points to 30,000 points, and the overall investment experience is not good. If only the Hang Seng Index is used as a reference, it has not been able to successfully solve the set, and the overall value-added effect of the Hong Kong stock market has not been ideal in the past 14 years.
Fourth, similar to the A-share, the expansion of the Hong Kong stock market has been more obvious over the years, and many of the large enterprises have joined the IPO. With the continued speed of market expansion, it has also caused the relative distortion of the market index, and the rapid growth of the stock market market in these years is mainly contributed by IPO expansion.
Similar to the A-share market, the index reference in the Hong Kong stock market is not strong. If it is just an index fund, it may be more suitable for wide volatile investment strategies, but it is not suitable for long-term value investment.
In recent years, the Hong Kong stock market has undergone a clear differentiation, and the distortion of the market index is increasingly obvious. However, considering that the investment style of the Harbor stock market is unpredictable, combined with the factors in the Hong Kong stock market, it is actually the investment in the Hong Kong stock market.
In contrast, although the investment experience in the A-share market has not been very good for many years, the Money Money Effects of the A-share market will be higher than the Hong Kong stock market. Step by step, even if you encounter the market’s "Black Swan" incident, it is not possible to have a single day to fall more than 80% of the scene, which is less likely to have a problem of liquid traps.
In the A-share market and the Hong Kong stock market, we should not focus too much attention to the valuation level of listed companies, but more need to pay attention to the continuous growth capacity of enterprises and the liquidity of the market. If a listed company has sufficient liquidity and adequate earning effect, even if its valuation is not so cheap, its investment security is significantly higher than some lack of liquidity low valuation stocks. In other words, the main factors that determine the cost of the stock price are not the valuation itself, but the size of the market liquidity and the effectiveness of the money.