The Zhitong Finance App learned that global debt interest rates are rising, and investors are even worried that the European debt crisis will occur again. Mai Jiajia, head of the financial products trading department and research department of Yongfengjin Securities (Asia), believes that while rising debt interest rates certainly affect corporate valuations, indicators such as corporate growth forecasts and return on capital are still ideal, and may not necessarily cause the global stock market to adjust or even bear.
The US Foreign Exchange Index rose to 102. She believes that the upward trend does not reflect that the market is taking risks. Under a strong dollar situation, investors are expected to be more picky in stock selection, the fault tolerance rate will also decline, and the upward momentum will weaken. Even a small piece of news will cause the market to fluctuate.
Currently, the stock market's upward trend is narrow. It is mainly concentrated in a few large technology stocks, and capital is still chasing the AI sector. However, at this stage, the market is most concerned about how much capital will be invested to cover costs such as depreciation for every additional 1 yuan of AI revenue.
Therefore, she estimates that capital stock selection strategies will favor more AI earners (AI earners) than AI investors (AI spenders).
In terms of Hong Kong stocks, she believes that the situation in the Middle East and oil price trends will affect the performance of the Hang Seng Index. The market is expected to fluctuate between 23,000 and 25,500 points in the fourth quarter. Stock selection strategies should be based on stocks with high free cash flow and high interest rates. She admits that Hong Kong stocks can no longer rely on cheap valuations alone as selling points, because capital will place more importance on corporate profit performance and balance sheets.