金吾财讯 | 中信证券表示，大周期更迭下，中国香港地区作为离岸金融枢纽的“稀缺性+安全性溢价”正迎来历史性重估。展望 2026 年，在人才红利与财富效应的双轮驱动下，香港资产定价与高净值消费景气度有望进入同步改善区间。由于全球避险资金向东转移及本地人才红利释放，香港作为离岸金融枢纽的稀缺性溢价正显著凸显，带动澳门博彩、奢华酒店及高端零售等体验业态领跑复苏。立足于全球资本回流与居民财富增长的交汇点，该机构建议从资产修复与高端体验回暖两个维度逻辑化布局：1）把握跨境财富管理枢纽的重估机遇，推荐受益于资管规模扩张与港股交投回温的财富管理标的；2）布局“股楼联动”下的资产重估，看好住宅房价上行趋势确立及核心商业地产拐点显现的标的；3）锚定具备强顺周期弹性的高端体验消费，重点关注受益于边际消费倾向改善的澳门博彩；4）精选受益于财富效应释放及日本消费回流的高端零售标的。
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