U.S. stocks :
Last week ( March 4-8 ), the Na index and the S & P 500 fell back, and the overall volatility of the Dow index was weak. The high-level technology sector in the early stage has obvious signs of rising. Among the varieties with new highs last week, many showed long shadow lines or obvious callback traces. Such as Nvidia, also includes the hardware plate of Meiguang, Asmay, etc. The stock price of NVO ‘s products reached a new high after being approved by the US FDA. Apple continued to fall, and the weekly line fell near the annual line ; due to the continuous pressure on profits and market share in the new energy price war, Tesla ‘s stock price continues to be low.
Investors will use the 2000 technology bubble to compare the current US stock technology. We believe that there is no need to worry too much from the perspective of fundamental support. Although the current market value of the leading technology stocks accounts for as much as 27 % of the overall US stock market value, which is significantly higher than the level of the Internet bubble period, and the profitability fundamentals of the current technology stocks are much higher than the Internet bubble period. According to Factset data, the net profit of seven representative companies such as Meta, Nvidia and Google accounts for more than 20 % of the S & P 500 non-financial sector, which is much higher than the proportion of about 10 % of eight representative companies such as eBay and Intel in 2000.
With Tuesday ‘s CPI data and Friday ‘s ‘ Four Witches Day ‘ settlement, the volatility of technology stocks may further increase.
Hong Kong stocks :
We believe that the future still needs to focus on the central enterprises to find the target, liquidity priority, large-scale central state-owned enterprises priority, high dividend rate priority. Some oil, coal and other old energy central enterprises have a large increase in the short term, such as CNOOC ( 883 : HK ) rose for three months, a total of 30 % ; yankuang ( 1171 : HK ) rose for 5 months, with a total increase of 34 % this year. We observe that the new funds are still invested around the central state-owned enterprises, but some low-end varieties are cut, such as low-end power and power equipment : Huadian ( 1071 : HK ) rose 12 % last week, and Huaneng ( 902 : HK ) rose 11 % last week.
Some industries in Hong Kong stocks have shown a profit-making effect, and southward funds have begun to enter Hong Kong stocks to buy stocks with the same medium-assessed strategy in A-shares, such as electricity, coal, banks, such as Bank of Communications and Bank of China H-shares, which hit record highs this week, showing a strong multi-head pattern on the monthly line.
According to our research information feedback, some upstream enterprises will increase the dividend rate this year, even more than 50 %. We believe that the low level of large industrial products, raw material plate of central state-owned enterprises is one of the industries worthy of attention in Hong Kong this year.
However, pay attention to the risk points. As an offshore market, Hong Kong stocks are still vulnerable to external influences. For example, Tik Tok has recently been banned in the United States and other news. Offshore Chinese stocks have always been interfered by various unfavorable factors, affecting the investment atmosphere.