汇丰策略师说，较低的利率，加上提振旅游业和重振房地产行业的举措，将支撑香港股市。HSBC Holdings has become bullish on Chinese stocks listed in Hong Kong, stating that these stocks will benefit from more favorable policy statements from mainland China and an improving domestic economic outlook.
HSBC strategists, including Herald van der Linde and Prerna Garg, wrote in a report that by 2025, the Hang Seng China Enterprises Index could rise by 21%. They raised the end-of-year target for the index from the previous 8610 points to 8800 points.
They also upgraded the rating for Hong Kong stocks from neutral to shareholding, while downgrading the rating for the Indian stock market to neutral and upgrading the Korean stock market rating from shareholding to neutral.
HSBC strategists stated that lower interest rates, along with measures to boost the tourism industry and revitalize the real estate sector, will support the Hong Kong stock market.
They noted, "The economic outlook in mainland China has improved, and the recent shift in policy tone confirms the government's determination to stabilize the economy. This is a good sign for the A-shares market, and we believe the Hong Kong market will further benefit."
In January last year, HSBC predicted that the Hang Seng China Enterprises Index would rise by about 24% in 2024. The index rose by 26% by the end of the year.
HSBC strategists wrote in the latest report, "Recent policy measures indicate that the risk of a sharp decline in corporate profit growth has been avoided. This is crucial for reducing tail risks and restoring market confidence, especially with households holding over $20 trillion in cash savings."
Meanwhile, HSBC has downgraded its rating for the Indian stock market from shareholding to neutral, citing that a slowdown in the domestic economy and rising valuations may limit returns this year.
In recent months, the upward momentum of India's benchmark stock index Nifty 50 has lost strength due to weak corporate profits and foreign capital withdrawal. This week, the Indian government lowered its economic growth forecast for this fiscal year to the lowest level since the pandemic.
HSBC raised its rating on the South Korean stock market from Shareholding to Neutral, as recent sell-offs provided a "good opportunity" to increase exposure. HSBC strategists stated that the political turmoil in South Korea has little impact on corporate profits.
