至于港股方面，周翰宏预期，ATMX窝轮引伸波幅回稳，利用窝轮补捉下一个类似去年9月有清晰方向的波动市机会，上半年值得留意的板块及主题包括，稳定高派息类股：电信类，中国移动(00941)、中国电信(00728)、中国联通(00762);银行类，汇丰控股(00005)、建设银行(00939)、工商银行(01398);资源类，中国海洋石油(00883)、中国石油股份(00857);地产租务类及领展房产基金(00823)。Cai Xiuhong, Director of the Listed Products Sales Department at Societe Generale Securities, stated that looking back at 2024, the total turnover of warrants and bull-bear certificates slightly increased by about 1%, accounting for 9% of the overall market turnover.
According to the Zhitong Finance APP, Cai Xiuhong, Director of the Listed Products Sales Department at Societe Generale Securities, stated that looking back at 2024, the total transaction volume of warrants and leveraged products slightly increased by approximately 1%, accounting for 9% of the overall market's transaction ratio. The market focus of the warrants is on the products related to the Hang Seng Index. Investors not only deploy based on market volatility but also make better use of the characteristics of leveraged products to manage risk. In addition, there has been a significant increase in investor interest in US stock warrants, which are being used for advance deployment during Hong Kong stock trading hours.
Zhou Hanhong, Director of the Listed Products Sales Department at Societe Generale Securities, expressed his market outlook for 2025, estimating that the percentage of earnings and Market Cap of US companies in the global market will continue to rise. The growth potential of the 'seven technology giants' will remain a point of interest for global investors. It is expected that the interest of Hong Kong stock investors in trading US stocks during Asian hours will continue to increase, with related warrant transactions, street stock volumes, and capital flows potentially reaching new highs. The year-end target for the S&P 500 Index is expected to be 6750 points, and a buy rating on Chinese stocks will be maintained.
Regarding the Hong Kong stock market, Zhou Hanhong expects that the implied volatility of the ATMX warrants will stabilize, utilizing the warrants to capture the next opportunity in a volatile market similar to the clear directional movement seen in September of last year. Key sectors and themes worth noting in the first half of the year include, stable high-dividend stocks: telecommunications, CHINA MOBILE (00941), CHINA TELECOM (00728), China United Network Communications (00762); banking, HSBC Holdings (00005), China Construction Bank Corporation (00939), Industrial And Commercial Bank Of China (01398); resources, CNOOC (00883), PETROCHINA (00857); real estate rental and LINK REIT (00823).
He further stated that in the sectors related to robotics and AI, Xiaomi Group (01810) is a focus; for electric vehicles and Eco-friendly Concept-related sectors, BYD Company Limited (01211) is notable. However, investors should be aware of potential risk factors, including the global trade war, developments in China-US relations, and inflation uncertainties.
