深港通的成立背景

15th January, 2022

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中国经济概览

中国今年前三个季度的GDP增速均为6.7%,预期2016年的全年GDP增长率将为6.7%,基本保持运行在合理区间6.5-7%。新增职位方面,在2016年的前九个月城镇新增就业1000人以上,提前实现了全年目标。物价调控方面,政府的目标是实现百分之三的通胀,如今达到了2%,相比去年全年的1.4%有了很好的改善。中国目前的经济正在稳步复苏中。

中国与香港股市

自2014年11月,时值沪港通刚刚推出,中国A股迎来了一个大牛市,上证指数在短短9个月内一度从2300多点飞跃到5100多点,之后一泻千里,股市崩盘,股指跌至2700点后一直处于横盘整理状态。近期突破3000点大关后企稳,出现缓慢的稳步上身趋势。

这次的暴涨暴跌由多方面的因素造成,其中的重要一个因素是本轮牛市主要由资金推动作用形成,其本身不具备足够的上涨动力。起初在一系列宽松的政策出台下,股市内流动性宽松,融资杠杆加大,市场做多热情明显,促使估值泡沫的产生。在经历暴跌后的A股,实际上在一定程度上回归了估值。同时,在去年下半年证监会出台了一系列去杠杆的政策,政府希望建立的也是一个健康稳健的股市。随着深港通的开通,中国股市进一步加大了对外开放的步伐,中国股市也将更加成熟与市场化。

受股市的联动效应,香港恒生指数自2014年12月中的22000多点上涨到15年4月的28000多点,之后一路下跌至18000多点后企稳反弹,今年上半年一直处于上涨趋势,近期在23000点左右微幅震荡。

相比内地市场,香港市场一直都更加开放,投资者更多样化,股票的估值也更加合理。值得注意的是,英国脱欧时,港股一天从高点到低点跌了1200点,是一个非常恐怖的跌幅,不久后低位获得支撑展开修复,一直涨到了现在。由此看出港股的生命力在亚洲市场里是非常好的的。

香港交易所

香港交易及結算所有限公司是全球主要交易所之一,是一家在香港上市的控股公司,在香港及英国伦敦均有营运交易所,旗下成员包括香港联合交易所有限公司、香港期货交易所有限公司(期交所)、香港中央结算有限公司、香港联合交易所期权结算所有限公司及香港期货结算有限公司,还包括基本金属市场──英国伦敦金属交易所。

尽管总集资额同比去年下降了60%,香港市场在今年前九个月里仍然位列全球第一。今年前三个季度,香港新股上市活动宗数有40家,总额累计169.2亿美元,占全球总额的22%。超过了上海交易所的82.2亿美元以及排名第三的纽交所的70.9亿美元。

深圳交易所

深证交易所创立于1990年12月1日,总市值在2016年已达3.16万亿元美元,高居全球第7位,亚洲第3位。此外,根据2016年的平均每日成交额的数据来看,深交所已成为中国最大的交易所,达到了500亿美元。

2004年5月,深交所设立中小企业板块。2009年10月,创业板正式启动,它也被称为中国的纳斯达克,专为暂时无法在主板上市的创业型企业、中小企业和高科技企业提供融资途径和成长空间,是对主板市场的重要补充。至此,深交所多层次资本市场体系架构基本确立。因为中国政府重视高新技术产业的发展,致力于建造一个更有效的资本市场,有助于有潜力的中小企业获得融资机会,从而帮助经济完成转型,而不只是单靠低廉的出口价格。

中小企业板

中小企业板(SME) 2004年5月在深交所成立。是深证交易所为中小市值企业(SME)上市提供的子板块。中小板的目标是帮助那些有增长前景的中小企业在深圳证券交易所上市。 以私营企业为主,中小板已成为中国多层次资本市场体系中独特且不可或缺的部分。

深圳证券交易所(SZSE) 的中小板在过去12年中增长迅速。 截至2016年9月22日,深证中小企业综合指数从1000点上升至11000多点,上市公司从38家上升至800家。总市值为94550亿元人民币(约14180亿美元),总交易量达 958亿元人民币(144亿美元)。

从下图可以看出,上海交易所的投资者正在外逃,他们避开国有企业转而偏向中小板的“新经济”股票,因为他们认为传统行业没有太多的增长潜力,而中小企业被认为代表着高增长和新的未来。 深圳的中小板在2016年5月17日超过上海的交易量后,现已成为新的领导者。

中小板市场稳步增长,已成为深圳市场中上市公司、市值和成交量最大的板块。 当整体市场疲软时,中小板的表现明显优于蓝筹股和大盘股。

国务院发展研究中心工业经济司司长赵昌文表示:“深圳证券交易所中小企业板块中的超过700家中小企业的盈利能力比主板更好,其中300多家是行业顶级企业,100多家是全球市场的领先企业。”

 

关键词:股票,香港股市,港股,香港IPO,交易港股,新加坡交易港股,美股,中国A股,股市资讯, alibaba,阿里巴巴股票,阿里,美国上市,腾讯股票

来源:彭博,华尔街见闻,东方财富,新浪财经,辉立证券

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