Wednesday, July 25, 2007

屢破高位小心變麻木

大市不斷創新高這個事實,恒指向24,000點進發相信無人有異議,就像美國樓市雖然有危機,但從高盛出身的保爾森卻能將美股舞得如此好景,道瓊斯指數繼上周五破14,000點後,過去兩日雖回落,但試問企穩在14,000點以上,對這位投資專家來說,又有何難度呢?


由於高位破極都有,恐怕投資大眾已感到麻木,皆因愈升愈有,以為會調整,豈知又續向高位邁進,而藍籌國企指數成分股股價創新高,更已是司空見慣。不過,作為精明投資者,禤中怡又要發出警惕訊號,時刻留意大市趨勢,不要被勝利沖昏頭腦,因為當大家習慣大市向上,不感到恐怖之時,大鱷就會在暗處出現,隨時用藉口掉轉槍頭,咬你一啖。


中國平安保險(2318)話中期盈利大升,其實屬預期之內,但升足超過1倍,就認真厲害。盈利能夠升得如此幅度,投資定必採取相對進取的策略方可有此表現。自從准許內地保險公司投資證券後,作為管理高層,一定會把部分投放於定期存款和債券等固定收益投資產品的資金抽出來,轉而參與股票投資,剛巧內地股市向上,累計升幅驚人,單是來自股票方面的投資收入就已經不得了。


保險公司又准拓展銀行業務,如平安保險已投資平安銀行和深圳市商業銀行,而近期中信銀行(998)、招商銀行(3968)和工商銀行(1398)也表示盈利將大增,反映其他內地銀行的業績也差不到哪裡去,只是增長幅度多與少而已。未來還有否增長空間呢?有,一來以QDII(合資格境內投資者)方式,把內地資金投放海外市場的規定尚未推出,一旦落實,又可調撥資金往海外,像兩間大型央企投資黑石(Blackstone Group)和巴克萊(Barclays)般,找尋高回報收益和資產增值機會。此外,如果監管機構進一步放寬投資股票佔資產的比重,意味投資收入有機會進一步攀升,就像一隻可以投資A股和債券的均衡基金般。面對這些利好因素,相信連公司管理層也會被前面的樂觀氣氛所包圍。


不過,面對經濟好景,其實上市公司管理層擔當的角色更形吃重,特別是在風險管理方面,因為手頭投資已膨脹至一個地步,需注意任何風吹草動,畢竟在升市中搵食,始終較容易,但在風險出現前能夠抽身而退,方為大師傅。


全球獨立風險諮詢機構甫瀚,剛發表一份有關香港公司的風險報告,當中訪問了54名上市公司高層如行政總裁、財務總裁和營運總裁等,發現原來有78%的香港上市公司,在辨識及管理潛在重大風險方面並不「十分有效」。在風險管理能力方面,大部分公司雖認為自己在過去兩年已有改善,包括引入內部審核等程序,但只有少數公司認為能夠在業務增長和控制風險方面取得有效的平衡。


此外,報告認為不少香港上市公司目前皆缺乏有效的風險管理措施及能力,例如設立風險委員會或專責風險總監一職,甚至在採用風險管理守則方面仍有不足之處。不過,相對內地上市公司,香港同胞或許可拿安慰獎,因冠軍由內地上市公司奪得,由於僅9%高級行政人員認為公司能十分有效辨識或管理各項潛在重大風險。


至於其他國家方面,認為能夠有效處理風險的,美國的比率達53%,英國和意大利亦有逾35%,外國的月亮又似乎特別圓。


(7月25日刊於《am730》)

9 Comments:

At 9:25 AM, Blogger oakleyses said...

longchamp handbags, michael kors outlet, prada outlet, burberry outlet, prada handbags, oakley sunglasses cheap, jordan shoes, tory burch outlet, nike shoes, michael kors outlet, gucci outlet, louboutin outlet, longchamp outlet, kate spade handbags, air max, nike free, coach outlet store online, ray ban sunglasses, louboutin, kate spade outlet, michael kors outlet, true religion jeans, tiffany and co, coach purses, louis vuitton, tiffany and co, oakley sunglasses, louboutin, ray ban sunglasses, louis vuitton outlet stores, burberry outlet, michael kors outlet, louis vuitton outlet, michael kors outlet, coach outlet, louis vuitton handbags, longchamp handbags, polo ralph lauren outlet, chanel handbags, michael kors outlet, christian louboutin shoes, oakley sunglasses, true religion jeans, louis vuitton outlet, coach factory outlet, air max, polo ralph lauren outlet

 
At 9:46 AM, Blogger oakleyses said...

nike air max, sac louis vuitton, true religion outlet, abercrombie and fitch, sac louis vuitton, hollister, north face, nike free pas cher, sac longchamp, ray ban pas cher, air max, ray ban sunglasses, vanessa bruno, louis vuitton uk, mulberry, lululemon, sac guess, converse pas cher, michael kors, true religion outlet, michael kors, oakley pas cher, nike roshe run, polo lacoste, ralph lauren, sac burberry, nike free, michael kors pas cher, nike roshe, air max pas cher, louis vuitton, louboutin, nike tn, hogan outlet, air force, nike trainers, air jordan, longchamp, air max, polo ralph lauren, barbour, north face, hollister, timberland, nike blazer, sac hermes, vans pas cher, new balance pas cher

 
At 9:46 AM, Blogger oakleyses said...

ugg australia, canada goose jackets, soccer shoes, ferragamo shoes, celine handbags, canada goose outlet, uggs outlet, mcm handbags, lululemon outlet, p90x, wedding dresses, canada goose, marc jacobs, asics running shoes, birkin bag, instyler, soccer jerseys, giuseppe zanotti, jimmy choo outlet, rolex watches, new balance shoes, ghd, chi flat iron, nike roshe run, north face jackets, mont blanc, mac cosmetics, babyliss pro, reebok outlet, ugg boots, ugg boots, insanity workout, hollister, vans shoes, beats by dre, ugg, bottega veneta, north face outlet, valentino shoes, ugg pas cher, nfl jerseys, herve leger, canada goose, canada goose, longchamp, canada goose uk, nike huarache, abercrombie and fitch

 
At 9:56 AM, Blogger oakleyses said...

louboutin, moncler, montre homme, hollister clothing store, lancel, moncler, moncler, karen millen, vans, louis vuitton, parajumpers, moncler, juicy couture outlet, links of london, converse, air max, swarovski, supra shoes, thomas sabo, ray ban, pandora jewelry, converse shoes, oakley, canada goose, toms shoes, gucci, juicy couture outlet, pandora charms, pandora charms, swarovski crystal, moncler, rolex watches, coach outlet store online, wedding dresses, iphone 6 cases, moncler outlet, canada goose, moncler, air max, ralph lauren, baseball bats, ugg, timberland boots, hollister, hollister, ugg

 
At 1:54 PM, Blogger ninest123 Ninest said...

ninest123 10.19
prada handbags, oakley sunglasses wholesale, oakley sunglasses, cheap oakley sunglasses, christian louboutin outlet, uggs outlet, uggs outlet, michael kors outlet, christian louboutin uk, michael kors outlet online, michael kors outlet online, ray ban sunglasses, ugg boots, replica watches, polo outlet, uggs on sale, nike free, tory burch outlet, louis vuitton, christian louboutin, burberry outlet, gucci handbags, michael kors outlet, christian louboutin shoes, burberry handbags, replica watches, tiffany and co, louis vuitton outlet, jordan shoes, longchamp outlet, louis vuitton, michael kors outlet store, michael kors outlet online, oakley sunglasses, chanel handbags, tiffany jewelry, kate spade outlet, louis vuitton outlet, ugg boots, nike air max, nike air max, longchamp outlet, longchamp outlet, prada outlet, ray ban sunglasses, nike outlet, polo ralph lauren outlet online, ray ban sunglasses

 
At 1:57 PM, Blogger ninest123 Ninest said...

timberland pas cher, north face, sac vanessa bruno, nike roshe run uk, hollister pas cher, coach outlet, ray ban pas cher, jordan pas cher, longchamp pas cher, michael kors, nike roshe, vans pas cher, lululemon canada, polo lacoste, nike air force, nike air max, nike blazer pas cher, true religion jeans, true religion outlet, nike free run, ralph lauren uk, nike free uk, mulberry uk, coach outlet, new balance, ray ban uk, nike tn, true religion outlet, guess pas cher, michael kors outlet, abercrombie and fitch uk, sac hermes, true religion outlet, oakley pas cher, nike air max uk, coach purses, air max, burberry pas cher, michael kors pas cher, louboutin pas cher, michael kors, north face uk, converse pas cher, nike air max uk, kate spade, polo ralph lauren, sac longchamp pas cher, hollister uk, hogan outlet, coach outlet store online

 
At 2:00 PM, Blogger ninest123 Ninest said...

ray ban, ralph lauren, hollister clothing, lululemon, mac cosmetics, mcm handbags, babyliss, longchamp uk, reebok outlet, converse, celine handbags, beats by dre, herve leger, timberland boots, nike trainers uk, vans, louboutin, baseball bats, insanity workout, north face outlet, iphone 6 cases, gucci, nfl jerseys, hollister, vans outlet, soccer jerseys, nike roshe run, north face outlet, instyler, abercrombie and fitch, converse outlet, mont blanc pens, chi flat iron, p90x workout, ghd hair, giuseppe zanotti outlet, oakley, jimmy choo outlet, ferragamo shoes, nike air max, nike huaraches, new balance shoes, hermes belt, wedding dresses, hollister, asics running shoes, bottega veneta, soccer shoes, nike air max, valentino shoes, oakley sunglasses, louis vuitton outlet

 
At 2:03 PM, Blogger ninest123 Ninest said...

doudoune moncler, canada goose, pandora uk, pandora charms, wedding dresses, doke gabbana, karen millen uk, michael kors handbags, lancel, michael kors outlet, moncler, louis vuitton, canada goose outlet, louis vuitton, louis vuitton, louis vuitton, moncler outlet, canada goose jackets, moncler, moncler outlet, links of london, hollister, canada goose uk, ugg uk, toms shoes, replica watches, barbour, pandora jewelry, juicy couture outlet, ugg,uggs,uggs canada, canada goose, moncler, ugg,ugg australia,ugg italia, louis vuitton, coach outlet, michael kors outlet online, juicy couture outlet, canada goose outlet, ugg pas cher, swarovski crystal, canada goose, thomas sabo, supra shoes, swarovski, barbour uk, moncler, moncler uk, canada goose outlet, ugg, pandora jewelry, marc jacobs, montre pas cher
ninest123 10.19

 
At 3:09 PM, Blogger GIL BERT said...

dallas cowboys jersey
jordan 4
ugg outlet
fitflops shoes
michael kors outlet online
cheap jordans
moncler jackets
cheap nike shoes
cheap jordans
cheap nba jerseys

 

Post a Comment

<< Home