景顺公司香港和中国内地首席投资官Raymond Ma强调基本面的重要性：Invesco, jpmorgan, and other institutions maintain a cautious attitude, believing that market sentiment will eventually return to fundamentals. The key going forward is whether more policy measures can be implemented. However, optimistic individuals also anticipate that considering the low valuation of Hong Kong stocks, the market rebound is not yet over.
With Goldman Sachs overweighting the Chinese stock market and shouting out the expectation that the Chinese stock market can rise another 15-20%, market optimism has reached its peak. The Hang Seng China Enterprises Index has already risen by over 30% in the past month, ranking first among the 90+ global stock indexes tracked by Bloomberg.
However, such an epic surge in the short term has sparked much discussion in the market, what will be the future 'momentum'?
Raymond Ma, Chief Investment Officer of Invesco in Hong Kong and mainland China, emphasizes the importance of fundamentals:
Market sentiment may be overbought in the short term, but people will eventually return to the fundamentals. Due to this rising trend, some stocks have already been overvalued.
He also added that there is currently no rush to increase positions:
Some Hong Kong stocks have risen by 30% to 40%, almost reaching historical highs... Whether the fundamentals in the next 12 months will be as good as before reaching their peak is even more uncertain to me, and this is the positions we might reduce.
J.P. Morgan Asset Management also maintains a cautious attitude, believing that whether more policy measures can be introduced is still key, as the market is waiting for new policy guidance to be reinforced. Tai Hui, Chief Market Strategist for J.P. Morgan's Asia-Pacific region, said:
More policy steps need to be taken to boost economic activity and confidence. The policies announced so far can help smooth the deleveraging process, but balance sheet repair is still needed.
Tai Hui also believes that the global economic uncertainty will have certain impacts, such as the U.S. presidential election just a month away.
However, considering that the valuation of the Chinese stock market is still low, many institutions are quite optimistic. Matthew Quaife, Head of Global Multi-Asset Investment Management at Fidelity International, said:
The market rebound is not over yet, with a large amount of funds still needing to be rebalanced, especially funds from global investors. From a technical perspective, valuations are still below the mean, and the rebound may continue. Of course, the extent to which the rebound can be translated into returns remains to be seen.
