【券商聚焦】交银国际：全球市场在不确定中上行港股短期内静待利好催化

金吾财讯

Yesterday

金吾财讯 | 交银国际研报指，8月韩股和美股回到上行轨道，其中纳斯达克涨幅仅次于越南胡志明指数。美伊局势仍不明朗，经济制裁的实际影响仍需观察。8月新任美联储主席沃什在杰克逊霍尔会议上讲话偏鹰派，市场预期9月加息概率升高到约6成。但美联储货币政策不确定性仍高，沃什发表的讲话或不能被理解为明确指引，鲍威尔任期内的杰克逊霍尔会议经验或不完全适用于今年，预计市场的波动率或维持相对高位。港股恒生指数和恒生科技指数在7月明显修复后，8月出现调整。受益于流动性回升、估值修复和盈利改善，未来或具备进一步上行的基础，短期内静待利好催化。配置上建议哑铃型结构，两端均具备催化剂。配置逻辑在于，在再通胀和AI科技叙事的背景下，哑铃两端均具备独立的、结构性的上行驱动，组合整体在不同情景下均具备弹性。一端是高弹性的科技成长性资产，包括互联网平台、AI应用、云计算、半导体产业链、消费电子和智能汽车产业链。受益于AI渗透率提升、大模型商业化变现加速以及国产替代的长期政策红利。一端是再通胀受益和现金流稳健资产，包括以能源、材料（铜铝等金属上游资源企业）、金融为代表，受益于大宗商品价格上行、企业利润率修复以及中国资产重估带来的估值修复。

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.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.0a0bd8dc.png","ogUrl":"https://www.itiger.com/news/2664860103"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2664860103\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2664860103?lang=en_US&edition=fundamental","thumbnail":"https://static.szfiu.com/news/20250109/ZDNhNDUwNDVmY2U2MTcxMzU2NTcyMzcyOQ==.jpg","is_english":false,"pubTime":"2026-09-02 09:41","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2664860103","market":"us","top_or_hot":-1,"title":"【券商聚焦】交银国际：全球市场在不确定中上行 港股短期内静待利好催化","media":"金吾财讯","content":"<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/03329\">交银国际</a>研报指，8月韩股和美股回到上行轨道，其中纳斯达克涨幅仅次于越南胡志明指数。美伊局势仍不明朗，经济制裁的实际影响仍需观察。8月新任美联储主席沃什在杰克逊霍尔会议上讲话偏鹰派，市场预期9月加息概率升高到约6成。但美联储货币政策不确定性仍高，沃什发表的讲话或不能被理解为明确指引，鲍威尔任期内的杰克逊霍尔会议经验或不完全适用于今年，预计市场的波动率或维持相对高位。港股恒生指数和恒生科技指数在7月明显修复后，8月出现调整。受益于流动性回升、估值修复和盈利改善，未来或具备进一步上行的基础，短期内静待利好催化。配置上建议哑铃型结构，两端均具备催化剂。配置逻辑在于，在再通胀和AI科技叙事的背景下，哑铃两端均具备独立的、结构性的上行驱动，组合整体在不同情景下均具备弹性。一端是高弹性的科技成长性资产，包括互联网平台、AI应用、云计算、半导体产业链、消费电子和智能汽车产业链。受益于AI渗透率提升、大模型商业化变现加速以及国产替代的长期政策红利。一端是再通胀受益和现金流稳健资产，包括以能源、材料（铜铝等金属上游资源企业）、金融为代表，受益于大宗商品价格上行、企业利润率修复以及中国资产重估带来的估值修复。</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>【券商聚焦】交银国际：全球市场在不确定中上行 港股短期内静待利好催化</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n【券商聚焦】交银国际：全球市场在不确定中上行 港股短期内静待利好催化\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2026-09-02 09:41</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/03329\">交银国际</a>研报指，8月韩股和美股回到上行轨道，其中纳斯达克涨幅仅次于越南胡志明指数。美伊局势仍不明朗，经济制裁的实际影响仍需观察。8月新任美联储主席沃什在杰克逊霍尔会议上讲话偏鹰派，市场预期9月加息概率升高到约6成。但美联储货币政策不确定性仍高，沃什发表的讲话或不能被理解为明确指引，鲍威尔任期内的杰克逊霍尔会议经验或不完全适用于今年，预计市场的波动率或维持相对高位。港股恒生指数和恒生科技指数在7月明显修复后，8月出现调整。受益于流动性回升、估值修复和盈利改善，未来或具备进一步上行的基础，短期内静待利好催化。配置上建议哑铃型结构，两端均具备催化剂。配置逻辑在于，在再通胀和AI科技叙事的背景下，哑铃两端均具备独立的、结构性的上行驱动，组合整体在不同情景下均具备弹性。一端是高弹性的科技成长性资产，包括互联网平台、AI应用、云计算、半导体产业链、消费电子和智能汽车产业链。受益于AI渗透率提升、大模型商业化变现加速以及国产替代的长期政策红利。一端是再通胀受益和现金流稳健资产，包括以能源、材料（铜铝等金属上游资源企业）、金融为代表，受益于大宗商品价格上行、企业利润率修复以及中国资产重估带来的估值修复。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"VXUS","symbol_name":"国际股票ETF-Vanguard","start_time":0,"source_url":"1990345","article_id":"2664860103","we_media_id":"1086022552","thumbnails":["https://static.szfiu.com/news/20250109/ZDNhNDUwNDVmY2U2MTcxMzU2NTcyMzcyOQ==.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2664860103","pubTimestamp":1788313314,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"金吾财讯","introduction":"「金吾财讯」以精准用户需求为切入点，打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经，将港美股内容传播到全球华人圈。","home_visible":1,"id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"summary":"8月新任美联储主席沃什在杰克逊霍尔会议上讲话偏鹰派，市场预期9月加息概率升高到约6成。但美联储货币政策不确定性仍高，沃什发表的讲话或不能被理解为明确指引，鲍威尔任期内的杰克逊霍尔会议经验或不完全适用于今年，预计市场的波动率或维持相对高位。受益于流动性回升、估值修复和盈利改善，未来或具备进一步上行的基础，短期内静待利好催化。受益于AI渗透率提升、大模型商业化变现加速以及国产替代的长期政策红利。","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"zh","relate_stocks":{"VXUS":"国际股票ETF-Vanguard","KCAI":"KraneShares China Alpha Index ETF","KCE":"SPDR KBW Capital Markets ETF","03329":"交银国际","BK4585":"ETF&股票定投概念","BK4588":"碎股","BK1147":"投资银行业与经纪业"},"translate_title":"[Brokerage Focus] BOCOM International: Global Markets Rise Amidst Uncertainty; Hong Kong Stocks Await Positive Catalysts in the Short Term","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"KCE":1.5,"03329":1.5,"KCAI":1.5,"VXUS":1.5},"content_text":"金吾财讯 | 交银国际研报指，8月韩股和美股回到上行轨道，其中纳斯达克涨幅仅次于越南胡志明指数。美伊局势仍不明朗，经济制裁的实际影响仍需观察。8月新任美联储主席沃什在杰克逊霍尔会议上讲话偏鹰派，市场预期9月加息概率升高到约6成。但美联储货币政策不确定性仍高，沃什发表的讲话或不能被理解为明确指引，鲍威尔任期内的杰克逊霍尔会议经验或不完全适用于今年，预计市场的波动率或维持相对高位。港股恒生指数和恒生科技指数在7月明显修复后，8月出现调整。受益于流动性回升、估值修复和盈利改善，未来或具备进一步上行的基础，短期内静待利好催化。配置上建议哑铃型结构，两端均具备催化剂。配置逻辑在于，在再通胀和AI科技叙事的背景下，哑铃两端均具备独立的、结构性的上行驱动，组合整体在不同情景下均具备弹性。一端是高弹性的科技成长性资产，包括互联网平台、AI应用、云计算、半导体产业链、消费电子和智能汽车产业链。受益于AI渗透率提升、大模型商业化变现加速以及国产替代的长期政策红利。一端是再通胀受益和现金流稳健资产，包括以能源、材料（铜铝等金属上游资源企业）、金融为代表，受益于大宗商品价格上行、企业利润率修复以及中国资产重估带来的估值修复。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}