Morgan Stanley: Mainland flood relief "through train" effect will now

"The newspaper" (reporter Jensi) Morgan Stanley published a study yesterday that the international hot money accelerated the return, coupled with the bank's aggressive lending, so that the mainland's funds are too abundant. As the central government has set the tone for a short period of time, the bank expects the authorities, or instead, to relax the supervision of mainland investment outside the capital, and release the excess funds, which will benefit Hong Kong equities. 　　Morgan Stanley believes that the 07 "Through Train" will reproduce the good effect, the Hang Seng Index and the state-owned enterprises index is expected to explore 22,047 points and 16,234 points. 　　The index is expected to challenge the 20,002 report pointed out that historical experience shows that when the mainland's domestic capital liquidity is excessive, and internal controls are limited, the central government will actively relax the supervision of capital outflows in order to alleviate the pressure of excessive capital in the territory, for example, the concept of "through train" was introduced in 2007 Or three way quasi overseas investment Morgan Stanley thinks that at present, similar financial pressure is forming in the mainland, mainly because: first, the U.S. economy has not yet seen a recovery, the mainland into a global investment paradise, the second, the mainland asset market gradually overheated, investors again desire to become stronger, third, the authorities can not tighten the economic recovery before the mainland monetary policy. The report added that for the first time, the mainland's external reserves were more than $2 trillion trillion, enabling the central government to relax private foreign exchange to invest abroad, and Hong Kong would be particularly favored as a nearby offshore bank. Morgan Stanley pointed out that the authorities or three ways to relax overseas investment, this includes increasing the number of qdii (qualified domestic institutional investors) or setting up more funds for offshore investment, introducing new investment products to existing qdii funds, such as offshore stock exchange ETFs such as the HSI ETF, and relaxing private holdings in offshore investment, 　　That is, indirectly allow "hot money" into Hong Kong. Ah premium big share benefits "The 2007 Hong Kong stock story will be repeated. "Morgan Stanley believes that when the mainland's" hot money "into Hong Kong stocks, more international capital will be attracted to the Hong Kong stock market will return to the bull. and two types of stocks will benefit most, one is AH premium large shares, such as PetroChina (0857), Yanzhou Coal (1171), China Resources Power (1071), Canton (0317) and Air China (0317), and the other is not listed in the shares of blue chips, such as mobile (0941), CNOOC (0883) As well as China Telecom (0728).