HSBC 汇丰：中国股市投资策略报告

09.27 5页

China Strategy
What does trading liquidity tell us?
􀀗 We analyse changes in average daily trading volume for MSCI
China sectors since 17 August 2007 and the last three months,
six months, 1-yr and 3-yr, along with the last three corrections
􀀗 Momentum trading (sectors that have seen rising daily trading
volume, like materials and industrials) has been the right
strategy to outperform but, sector rotation is underway
􀀗 With the market up 63% y-t-d and 487% since 2003, valuation
is rich at 21x12m forward PE. Reiterate sector call to switch
from cyclicals to energy and financials, and raise utilities to
neutral