中信建投:港股对A股的优势正在凸显

中信建投证券研究
Sep 19, 2025

自6月底A股市场相比于港股市场整体表现更加优秀,指数突破924高点,成交额站上三万亿,资金一度形成了对A股全面牛市的预期,尤其是AI等板块受到追捧,港股的关注度则较低。但进入9月以后,A股进入整理期,波动逐步放大,而内外部资金对于港股的关注度正在提高,我们认为后续一段时间港股对A股的优势正在凸显,对港股整体行情看多。事件本轮港股长周期牛市自去年四季度确立,当前走到中段左右,目前1)流动性周期已经...

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