星展发表港股策略报告表示，港股于9月以来累涨4.5%，再度刷新今年以来高位，尽管个别公司业绩分化及内地通缩忧虑未消，但受到主要由人工智能、电池及生物科技等少数板块领涨。
展望未来，该行重申对港股的长期乐观看法，尽管短期或有获利回吐压力，地缘政治消息亦或重现。虽然企业中期业绩带来轻微盈利下调，但恒指估值在流动性带动的全球升市中变得更具吸引力。各行业持续的“反内卷”行动亦有助稳定市场对宏观经济的预期。香港流动性虽略趋紧，但美国PPI意外下滑及就业数据转弱，令市场预期年内会有更多降息。
星展将恒指12个月目标从26,000点上调至28,000点，此调整反映：1)更新2025及2026年盈利预测至-2.2%及12.1%；2)估值倍数预测由11.6倍上调至13倍。长期而言，香港IPO活跃，有助改善市场结构，继续吸引全球长线增长型投资者。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.