Hong Kong-Lusted Internet Stocks bounce Raws li Neeg Esxias Investors Nco ntsoov qhov zoo, lub lim tiam hauv kev tshuaj xyuas

Lub Limtiam Ntsuam Xyuas

• Asian equities muaj ib lub lim tiam tawm raws li Hong Kong muaj ib lub lim tiam luv vim Easter Monday.
• Raws li kev tshaj tawm hnub Monday, Tuam Tshoj tus GDP loj hlob los ntawm +4.8% xyoo dhau los hauv Q1, siab dua qhov kev cia siab ntawm 4.2%.
• Lub lim tiam no yog ib qho tseem ceeb rau lub hauv paus bank signaling. Tom qab txiav qhov xav tau qhov piv txwv (RRR) los ntawm 25 lub hauv paus ntsiab lus rau hnub Friday, Lub Tuam Txhab Tuam Txhab Tuam Txhab Tuam Txhab Tuam Txhab (PBOC), Tuam Tshoj lub tuam txhab nyiaj hauv nruab nrab, tau tso tseg 1 thiab 5 xyoo qiv nyiaj thawj tus nqi (LPRs), uas pab teeb tsa cov nqi tsev, tsis hloov pauv. Hnub Wednesday ntawm 3.7% thiab 4.6%, feem.
• Lub lim tiam no, tshem tawm cov kev txhawj xeeb ua rau muaj kev tsis sib haum xeeb hauv Asmeskas cov ntawv teev npe Suav thiab cov khoom lag luam hauv internet tau teev tseg hauv Hong Kong thiab Asmeskas raws li SEC tau ntxiv cov tuam txhab ntxiv rau cov npe ntawm cov peev txheej tshem tawm lub hom phiaj. Lub caij no, ib tsab xov xwm hnub Thursday Bloomberg tau sau tseg tias qhov nce hauv Hong Kong cov khoom lag luam zoo tshaj plaws rau ob lub tuam txhab teev npe raws li US ADRs tau hloov mus rau Hong Kong shares. Txawm li cas los xij, Fang Xinghai, Tus Lwm Thawj Coj ntawm Tuam Tshoj Securities Regulatory Commission (CSRC), Tuam Tshoj tus thawj tswj hwm kev nyab xeeb, tau qhia nws txoj kev ntseeg siab rau nws lub peev xwm ntawm nws lub koom haum thiab nws cov neeg koom tes hauv Teb Chaws Asmeskas kom tuaj txog ntawm kev daws teeb meem thiab zam kev tshem tawm.

Xov Xwm Tseem Ceeb

Cov khoom lag luam Asian tau xaus rau lub lim tiam tsis zoo vim tias Tuam Tshoj Mainland yog ib qho ntawm cov khw muag zaub ntsuab.

Thaum tsaus ntuj, cov neeg ua lag luam Esxias coj nag hmo cov xov xwm zoo zoo dua li Asmeskas cov tub ua lag luam. Peb muaj CSRC cov lus pom zoo rau kev daws teeb meem rau Txoj Cai Tuav Txawv Tebchaws Tuam Txhab Txhaum Cai (HFCAA), hais tias ob tog sib tham txhua lub limtiam thiab pom zoo tias Suav tuam txhab lag luam nce lawv cov kev faib nyiaj ncaj ncees. Qhov teeb meem nrog kev ua lag luam lig tau muaj teeb meem ntawm kev ntseeg siab thiab cov neeg yuav khoom tawm tsam vim tias cov tub ua lag luam tau tsis ntseeg txog cov lus rov qab los ntawm Tuam Tshoj sab ntawm kev daws tab sis tsis muaj dab tsi los ntawm Asmeskas sab. Muab pov rau hauv Shanghai kev kaw tseg, kev hloov pauv thoob ntiaj teb tawm ntawm kev loj hlob thiab ua rau muaj txiaj ntsig, PCAOB qhov piv txwv rau kev txhawb nqa nyiaj txiag ntxiv, nce US cov paj laum, thiab cov huab cua kev nom kev tswv tam sim no, thiab koj muaj kev sib xyaw tsis zoo rau kev loj hlob / hauv internet cov khoom lag luam.

Qhov tsis muaj cov neeg yuav khoom yog qhov teeb meem vim tias luv luv tuaj yeem nias lawv cov thawj koom ruam vim tsis muaj leej twg tab tom nce mus rau qhov tsis muaj dab tsi. Niaj hnub no, 20% ntawm tag nrho Hong Kong ntim tau luv-muag piv rau 1-xyoo nruab nrab ntawm ib ncig ntawm 12%.

Nag hmo qhov muag-tawm hauv Asmeskas cov ntawv teev npe Suav yog lub taub hau-scratcher vim tsis muaj "xov xwm." Yog lawm, SEC tau ntxiv cov npe ntxiv rau HFCAA cov npe tsis ua raws, tab sis cov npe tau tawm ua ntej tso tawm. SEC tab tom ua tiav nws lub luag haujlwm raws li HFCAA tub ceev xwm, uas tej zaum yuav tsis to taub. Qhov teeb meem yog qhov tsis muaj cov neeg yuav khoom, raws li muaj pov thawj los ntawm qhov tseeb tias qhov hnyav ntawm Alibaba thiab Tencent hauv cov nyiaj EM nquag yog nyob ntawm ib nrab ntawm cov tuam txhab qhov hnyav hauv MSCI Emerging Markets Index. Nag hmo yog hnub tsaus rau kuv, pom kev muag khoom tsis muaj xov xwm. Muaj kev tsis txaus siab rau qhov zoo thiab.

Puas muaj leej twg tau nyeem txog US Tus Thawj Fwm Saib Xyuas Kev Tiv Thaiv tau ntsib nrog nws tus kws lij choj Suav thawj zaug hauv ob xyoos? Puas muaj leej twg tau nyeem txog Tus Lwm Thawj Saib Xyuas Kev Ruaj Ntseg Hauv Lub Tebchaws hais txog kev thim rov qab cov nqi se? Puas muaj leej twg pom cov lus los ntawm Suav Ambassador rau US ntawm Russia? Yog hais tias koj coj kuv lub siab lub ntsws raws li ib tug barometer, ua ke nrog tsis muaj kev mloog rau peb qhov chaw, ib tug yuav tsum tau bullish heev. Nag hmo, kuv yog ib tug me me/incremental buyer raws li kuv nyiam muab kuv cov nyiaj kuv lub qhov ncauj. Kuv muab ib qho piv txwv me me hauv qab no rau qhov no.

Ib hom ntawm cov neeg ua lag luam uas tau txais txiaj ntsig los ntawm nag hmo qhov kev nqis tes ua yog cov nyiaj tiv thaiv uas yuav US ADRs thaum kaw, hloov lawv cov shares, thiab tom qab ntawd muag lawv hauv Hong Kong. Kuv yuav siv Alibaba ua piv txwv raws li lawv muaj pab pawg neeg ua lag luam zoo tshaj plaws hauv peb qhov chaw thiab tsim nyog tau txais kev qw tawm. Nag hmo, Alibaba cov npe hauv Asmeskas tau poob qis - los ntawm 3.83%, tab sis Alibaba cov npe Hong Kong tau kaw tsuas yog -1.42%. Yooj yim nyiaj! Zoo, zoo li, vim qhov no tsis yog qhov "riskless" arbitrate. Alibaba cov npe Hong Kong cov npe tau qhib -5.01% qis dua, yog li koj yuav tsum tau caij poob.

CNY tau poob qis, tau poob piv rau US duas -0.41% Tuesday, -0.4% Wednesday, -0.49% Thursday, thiab -0.79% hnub no. Hnub Monday, CNY yog ntawm 6.36, tab sis hnub no, nws yog ntawm 6.50. Kuv xav tsis thoob me ntsis peb tsis tau pom cov xov xwm nrov nrov hais tias Tuam Tshoj tau nqis peev nws cov txiaj ntsig. Dab tsi tshwm sim? US Treasury yields tau nce thaum Suav Treasury yields poob, ua rau US Treasury bonds ntau txaus nyiam. Nyob rau theem no, Lub Xeev Txoj Cai Tswjfwm Kev Sib Txawv Tebchaws Txawv Tebchaws (SAFE) tsis zoo li yuav nkag mus rau hauv vim lawv tsis xav kom raug sau npe tias tus neeg siv nyiaj txiag.

Thaum xyoo 1990, kuv tau ua haujlwm ntawm Salomon Brothers Asset Management. Peb muaj tus thawj tswj hwm zoo tshaj plaws hu ua George Williamson, uas yav dhau los ua haujlwm ntawm US Fed. George, ib tug zoo siab Princeton kawm tiav thiab ib tug heck ntawm ib tug zoo txiv leej tub, tau hais ntau zaus txog 1973 thiab 1974 dais lag luam. Nws tham txog kev puas siab puas ntsws ntawm Asmeskas kev lag luam kev lag luam poob qis txhua hnub rau ob xyoos. George hais rau peb qhov no vim nws tsis ntseeg siab txog lig 1990s internet stocks. Qee lub sij hawm, nws tsis xav tawm ntawm txaj vim nws paub tias cov khoom lag luam tsuas yog nce mus ntxiv, uas yog qhov kuv xav tau nag hmo. Puas yog kuv txoj kev ntxhov siab puas yog lub cim ntawm lub hauv qab? ntiv tes hla! Txaus siab rau hnub so.

Hang Seng Index thiab Hang Seng TECH Index kaw -0.21% thiab +0.28%, feem, tom qab sib tsoo siab dua thoob plaws hnub ua lag luam. Volume tau nqis -9.52% los ntawm nag hmo, uas tsuas yog 75% ntawm 1-xyoo nruab nrab, thaum Hong Kong lub sijhawm luv luv tau tawm -6.43%, uas yog 98.8% ntawm 1-xyoo nruab nrab. Qhov dav tau sib npaug nrog 254 tus neeg nce qib thiab 225 tus neeg tsis txaus siab. Tus nqi tseem ceeb tshaj qhov ua tau zoo ntawm kev loj hlob txawm tias tech, uas tau nce +1.16%, yog ib qho ntawm cov haujlwm ua tau zoo tshaj plaws. Lub caij no, Tencent poob -2.13%, uas hnyav ntawm kev sib txuas lus, uas poob -1.84% tag nrho. Kev lag luam nyiaj txiag tsuas yog lwm qhov qis qis, tawm -0.15%. Southbound Stock Connect pom kev yuav khoom hauv Tencent thiab Meituan thiab dav.

Shanghai, Shenzhen, thiab STAR Board diverged mus kaw +0.23%, -0.5%, thiab -1.63%, feem, ntawm ntim -12.09% qis dua nag hmo, uas tsuas yog 69% ntawm 1-xyoo nruab nrab. Muaj 1,874 cov khoom lag luam nce qib thiab 2,481 cov khoom poob qis. Tus nqi tseem ceeb tshaj qhov ua tau zoo ntawm kev loj hlob thaum hmo ntuj raws li vaj tse tau nce +1.95%, lub zog nce +1.31%, thiab cov khoom siv hluav taws xob tau nce +1.14%. Tech thiab cov ntaub ntawv tau tawm -2.44% thiab -1.13%, feem. Lub zog huv si ua si muaj hnub zoo. Niaj hnub no, cov tub ua lag luam txawv teb chaws tau yuav $ 1.04 billion tus nqi ntawm Mainland stocks ntawm Northbound Stock Connect. Tuam Tshoj Treasury daim ntawv cog lus muag tawm thaum CNY tsis kam -0.79% rau 6.50 thiab tooj liab nce +0.6%.

Hmo Kawg Ntawm Kev Sib Pauv Cov Nqi, Tus Nqi, & Liaj Teb

• CNY / USD 6.50 piv rau 6.45 nag hmo
• CNY / EUR 7.03 piv rau 7.00 nag hmo
• Tos txais ntawm 1-Hnub Tsoom Fwv Nyiaj Txiag 1.28% tiv tiag 1.33% nag hmo
• Tos ntawm 10-Xyoo Tsoom Fwv Nyiaj 2.84% piv rau 2.83% nag hmo
• Tos ntawm 10-xyoo Tuam Tshoj Kev Tsim Kho Nyiaj Txiag Nyiaj 3.08% tiv tiag 3.06% nag hmo