香港交易所成长性可验证,有望迎来重估

申万宏源
25 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年中美摩擦及美联储连续加息使得...

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