投資速覽：科技股拋售潮是由投資者狂熱追捧AI而非基本因素觸發
科技股近期的波動性主要由股票基本因素以外的其他因素所驅動。投資組合經理Richard Clode表示，當出現價格錯配時，主動型基金經理可從中捕捉機會。
2 分鐘觀看時間
焦點分析：
- 鑑於上半年表現強勁，科技股於近期遭拋售並不令人意外，但市場迅速消化美國經濟衰退的可能性及投資者為把握人工智能(AI)機會所應用的大量槓桿，使得本次下跌更為猛烈。
- 許多科技公司的基本因素依然強勁。市場波動性為主動型基金經理提供機會，可以利用價格錯配。
- 團隊仍然十分看好科技板塊的前景，尤其是基於我們尚處於把握生成式AI潛力的早期階段。
資產負債表：公司財務狀況的指標，資產負債表：摘錄一間公司在特定時間點的資產、負債和股東權益的財務報表。各部分有助投資者了解公司資產和負債狀況，以及股東的投資金額。
股票基本因素：有助於評估一家公司財務或經濟實力的資料，例如盈利能力、收入、資產、負債及增長潛力。
槓桿：利用借貸來增加對某一資產／市場的投資。可以透過借入現金並用以購買資產，或者透過使用衍生工具等金融工具來模擬借款對資產進一步投資的影響來應用槓桿。
估值：就本視頻而言，適用於股價及／或用於衡量一家公司表現、財務健康及未來盈利預期的指標，例如市盈率(P/E)及股本回報率(ROE)。
波幅 / 波動性：投資組合、證券或指數價格升跌的速度和幅度。倘若價格大幅上下擺動，表明其波動性高。倘若價格變動更為緩慢且幅度更小，表明其波動性較低。波動性較高意味著投資風險較高。
JHI
只提供英文版本
>We would expect a bit of market digestion after such strong returns in the first half we saw something very similar last summer, but I think what’s exacerbated that is the market very rapidly pricing in an increased chance of a recession, rather than a bit of a ‘Goldilocks’ kind of ‘no landing’ scenario that the market was pricing in before. But when we take a step back, we still think that a recession is still pretty unlikely in the United States, and the economy is still adding jobs, and there’s a lot of volatility in that month-for-month number, we’re heading into a rate-cutting cycle and actually when we look at the fundamentals of technology companies, they still remain for the vast majority, very strong. We remain in the early innings of the AI monetisation cycle, and so they continue to invest heavily against that opportunity and we see an acceleration in cloud growth, in online search, and advertising growth, and we have strong balance sheets still as well as earnings power and [technology] valuations have obviously pulled back in many cases, significantly as well.
And the beauty is as active managers as we can take advantage of some of this market volatility, which has been very much exacerbated by a huge amount of leverage that a lot of market participants have taken on to access some of these exciting momentum areas, particularly in the AI space and that has obviously unwound and led to significant downside volatility, which again we can look to step into where we felt that that’s been dislocated away from fundamentals and that’s what we’ve been doing over the last week.
Taking a step back, we still don’t see a huge amount of change to the forward outlook where we remain very positive on the outlook of the technology sector over the years to come, and we think we’re in the very early innings of being able to capture the opportunities from generative AI. And we’ll look to pick the genuine beneficiaries and winners of those trends that are actually going to deliver the profits and therefore ultimately justify the stock returns that we’ve seen in the sector that we expect to extend through years to come.
主要投資風險:
- 本基金投資於股票，須承受證券價值波動的股本證券風險 。
- 投資本基金涉及一般投資、貨幣、人民幣貨幣及兌換、流動性、對沖、市場、經濟、政治、監管、稅務、有關證券借出、有關反向回購交易、金融及利率風險。在極端的市場環境下，閣下可能會損失全部投資。
- 本基金可使用金融衍生工具降低風險及更有效率地管理基金，並涉及對手方、流動性、槓桿、波動性、估值及場外交易風險，可能蒙受重大損失。
- 本基金的投資集中於科技行業，或會具較高波動性，並承受科技相關公司風險。
- 本基金可能投資於歐元區, 或會蒙受歐元區風險。
- 本基金可能徵收業績表現費。即使投資資本虧損，投資者也可能需要支付此費用。
- 投資者不應只根據此文件而作出投資決定，並應細閱有關基金銷售文件，了解風險因素資料。
2 分鐘觀看時間
焦點分析：
- 鑑於上半年表現強勁，科技股於近期遭拋售並不令人意外，但市場迅速消化美國經濟衰退的可能性及投資者為把握人工智能(AI)機會所應用的大量槓桿，使得本次下跌更為猛烈。
- 許多科技公司的基本因素依然強勁。市場波動性為主動型基金經理提供機會，可以利用價格錯配。
- 團隊仍然十分看好科技板塊的前景，尤其是基於我們尚處於把握生成式AI潛力的早期階段。