香港交易所:成长性可验证 有望迎来重估

申万宏源研究
24 Jul

估值复盘:下限基本为30 倍PE,上限可达近70 倍,基本面和流动性是核心驱动因子。2014-2015 年PE∈【29,67】:受益于沪港通开通、H/A 折价、公募/险资投资松绑,港交所估值在15 年3 月快速上行。2017-2018 年PE∈【28,54】:16 年末深港通开启为南向流入提供较好的基础条件,随着经济复苏,企业盈利向好预期&港股估值洼地属性吸引国内外资金流入;18 年中美摩擦及...

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