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恒生科指跌2%，阿里巴巴跌4.21%，腾讯控股跌1.66%，港股明显跑输背后有三重压力

金融界
Yesterday

恒生科技指数跌幅扩大至2%，现报4317.85点。恒生指数跌1.13%，报22817.03点，国企指数跌1.38%，报7503.69点。

大型科技股中，阿里巴巴-W跌4.21%，腾讯控股跌1.66%，京东集团-SW跌1.32%，小米集团-W跌3.14%，网易-S涨3.19%，美团-W跌1.89%，快手-W跌2.8%，哔哩哔哩-W跌2.57%。

中信建投发布研报称，2026年以来港股明显跑输其他亚洲股市，背后有三重压力：分子端，权重股盈利集中下修。互联网平台、汽车链等行业盈利预期大幅下修，硬科技企业上修幅度无法对冲。分母端，美元与美债构成离岸市场双重约束，外资持续流出。微观交易层面，三季度港股面临IPO和解禁的流动性供给扰动。

看好人民币资产在全球的中长期吸引力，因而对港股也有更强信心。只不过港股从跑输转为强势，需要三个条件配合：①全球流动性环境改善;②盈利预期停止下修;③微观供给扰动弱化。三重压力中只满足其中一项，行情更可能表现为估值修复或阶段性反弹;两项开始逆转，港股具备重新定价基础;若三项共振，港股可能从离岸折价资产重新切换为趋势性配置资产。

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责任编辑：栎树

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