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iFund Blog  (selective articles are available in Chinese only)
Apex Research Apex Research

These are articles on financial market and global macroeconomics written by professionals in Noble Apex research department.


Newest Blogs

中國消費結構性機會 2018-06-20
Apex Research
Chinese version only

儘管中國5月社會消費品零售總額同比增速放緩至8.5%,創下2003年5月以來的最低水平,家庭消費短期和長期趨勢仍然樂觀。兩條正在出現的趨勢為消費相關板塊帶來結構性機會。其一,人才爭奪政策刺激消費需求。其二,消費信心高企反映高端消費需求仍然強勁,消費者的不同偏好創造新į

歐洲延續低利率環境 2018-06-19
Apex Research
Chinese version only

6月14日,歐洲央行進行議息會議,宣布資產購買計劃將於年底結束。同時,歐洲央行承諾2019年夏季之前不會加息,意味歐洲在未來一段較長的時間都會維持低利率環境。低利率環境有助歐元區經濟體面對區內外的不確定性因素。 議息會議顯鴿派 這次議息會議中,歐洲央行傳遞了三個新

利淡因素湧現 美元平穩偏弱 2018-06-15
Apex Research
Chinese version only

四月中以來,美匯指數延續上漲趨勢。同時,亞太地區不同國家匯率全面變弱,部分央行更扭轉利率周期應對資金外流壓力。美元上升受短期因素干擾,中期仍可維持平穩偏弱的方向。美元上升受一系列宏觀事件驅動。今年第一季度歐元區、日本和中國製造業PMI指標預示其製造業動能

消費股上漲的邏輯和持續性 2018-06-13
Apex Research
Chinese version only

自4月中中央重提「擴大內需」以來,筆者在本欄4月28日一文中提及煤改氣、工程機械增長的投資機會,這些板塊股價在5月份表現不俗。5月份,另一個板塊--消費股同樣表現領先。究竟消費股上漲的邏輯是什麼?消費股上漲是否具備持續性?在港股通範圍中,5月份非必需消費和必需消費ਖ਼

中國推CDR助境外上市創新型企業回歸 2018-06-11
Apex Research
Chinese version only

上週,中國證監會發布《存託憑證發行與交易管理辦法(試行)》,進一步推進海外創新型企業回歸中國資本市場。同時,6間基金公司申報的戰略配售混合型證券投資基金獲得證監會批文,為中國存託憑證CDR帶來資金支持。CDR為市場帶來什麼機會和風險?戰略配售基金又會如何影響A股市

意國政局無礙歐股向好 2018-06-08
Apex Research
Chinese version only

意大利政治風險升溫,樂觀和悲觀的觀點充斥於市場之中。雖然意大利並非投資者經常涉足的市場,但卻影響歐元區整體投資氣氛。目前市場既有歐債危機再度爆發的憂慮,亦存在意大利不會拋棄歐元的樂觀信念。投資者需要正確認識意大利當前的風險,才能洞悉歐洲市場的前景。普

再談A股市場近期風險和機遇 2018-06-06
Apex Research
Chinese version only

本周上證綜合指數再度跌穿3100點大關,周三收市一度創下年內新低。中美貿易風波再起、信貸違約潮下的再融資困境是導致近期風險偏好再度下行的原因。兩大風險的下行壓力並非深不見底,股價下跌後估值更加吸引。MSCI指數納入A股或為新增量資金,關注海外資金的流向。5月29日晚,美

高研發投入的A股投資機會 2018-06-04
Apex Research
Chinese version only

產業升級是中國經濟結構轉型最重要的趨勢之一。加大研發投入、追求創新是實現產業升級的必經之路。政治上,透過中美貿易談判的進程,中國明確採取以空間換時間的策略,打開市場換取創新的時間。市場對中國的創新關注度亦明顯上升,給創新企業給予更高的估值溢價。因此,

臨近退休點投資強積金? 2018-06-01
Apex Research
Chinese version only

不到半年,美國10年期國債孳息已經由2.4%升穿3%,令市場震盪。然而,身為投資者,除了關注債市發展外,更要留意孳息曲線形態。孳息曲線是以不同年期的美國國庫券的孳息率繪畫出來的曲線,主要分幾種形態:向上傾斜、平坦和倒轉或反向。大部分時間投資者看到的是向上傾斜的形態

從滾動回報揀投資市場 2018-05-30
Apex Research
Chinese version only

美國總統特朗普取消與北韓最高領導人金正恩會面,地緣政治風險增加,美股捱沽。投資者今年被這兩位國家領導人弄得團團轉,飽吃驚風散之餘,回報也難言可觀。事實上,在沒有重大利淡因素之下,去年環球大部分股市皆錄得正回報,錄得負回報的市場真的十隻手指可以數得出。

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