日股“十年一遇大牛市”，外资蜂拥而入，到底看中了什么？_老虎社区_美港股上老虎

日股“十年一遇大牛市”，外资蜂拥而入，到底看中了什么？

华尔街见闻2023-05-19

作者：葛佳明在众多利好因素的共同助推下，近期日本股市一路高歌猛进，成为了全球“最强旋风”。5月18日周四，日本股市连续第五天走高，日经225指数收涨1.6%，报30573.93点，逼近历史高位。东证指数收盘上涨1.1%，报2157.85点，创近33年的最高水平，同时也是经济泡沫破灭以来的最高水平。今年以来，东证指数累计上涨15.51%，超过了标普500指数8.75%的涨幅。而外资连续第六周净买入成...

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老虎11
·2023-05-19
只能说西方和亲西方国家更重视股市！
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中华_WQJ
·2023-05-19
中国股市何时雄起
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卖内裤买了
·2023-05-19
巴菲特怎么从来不吹a股，低估值
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现在已经
·2023-05-19
呼叫转移吗
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泥巴子
·2023-05-19
中国的股市更牛逼，一跌再跌，股市叫苦连天。
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大瓶乐虎
·2023-05-19
磨刀霍霍向脚盆
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五顶六底通道周期流
·2023-05-19
准备割韭菜
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卢一鸣
·2023-05-19
回答标题的问题：看中的是看到这篇文章后打算跃跃欲试的韭菜。
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Rosenberg在周三的一份报告中表示，日本企业更高的治理标准与回购热潮是推动本轮行情的重要因素。日本东京证券交易所此前呼吁，股价低于账面价值的公司制定资本改善计划。这一举措掀起一波回购热潮，支撑了日本股市情绪。Rosenberg表示，在日本最大的上市公司中有近一半的企业持有的现金头寸超过债务，在美国和欧洲只有不到20%的公司拥有净现金头寸。Rosenberg认为，这一方面体现出了日本上市公司资产负债表较为健康，但也对日本公司的股本回报率产生了负面影响。在政府和股东要求提高回报并进行公司治理的推动下，日本上市公司逐步意识到回馈股东的必要性。因此，软银、丰田汽车、三菱商事在内的日本龙头企业在公布最新财报时，均宣布了新的股票回购计划。截至3月份，日本上市公司的回购创下了714亿美元的历史纪录。Rosenberg强调，尽管日股已连续多日上涨，但与美国和欧洲股票相比，估值仍然偏低：约有54%的TOPIX成份公司的股价低于其账面价值，一定程度说明市场对该公司的估值较低，而标普500中，这一比例仅为7%。日本上市公司的平均市净率仅为1.3倍，而欧洲为1.8倍，美国为4.0倍，仅根据估值指标，就可以看出日本股票仍有上涨空间。高盛集团策略师Kazunori Tatebe和Bruce Kirk在此前发布的一份报告中也指出，日企近期公布一季度财报显示收益稳健，且日本经济前景非常强劲：日本企业近期公布的财报收益稳健，且股票估值较便宜，以及部分长期投资者押注日股，共同推动日本股市上涨。我们注意到，与海外市场的股票相比，日本的基本面很稳固，对结构性改革的预期可能会进一步推动日本股市上涨。外资持续流入助力日本股市欧美银行业危机余波未平叠加美国债务上限僵局，也使众多海外投资者将视线转向了亚洲股市，而日股成了绝佳的避险之地。由新行长植田和男领导下的日本央行继续实施宽松货币政策，这也使得日元承压，进一步刺激海外投资者进入日本股市。SMBC Nikko Securities Inc. 策略师 Masao Muraki 在一份报告中写道：“随着美国和欧洲继续收紧货币政策以抑制通胀，似乎资金正在流入日本，预计日本依旧维持低利率政策。”在巴菲特的带领下，外资持续流入日本股市。巴菲特上月访问日本时表示看好日股，并考虑加码对日本五大商社以及其他日股的投资。“股神”公开表态力挺日股后，对冲基金Point72、Citadel、黑石、KKR等华尔街大鳄也相继造访日本，越来越多的海外资金有意复制巴菲特的策略，通过低成本日元融资押注高股息日元资产。3月底以来海外资金一改此前的净卖出 （3月海外投资者净卖出规模达到2.2万亿日元），成为东证主要市场上的净买家，4月海外投资者净买入2.23万亿日元。法国兴业银行分析师Frank Benzimra 和 Tsutomu Saito 在周二的一份报告中表示，外资的回归是日本股市复苏的重要标志，将继续对日本股票维持超配，并偏向银行、金融和价值股的投资。日本国内投资者也进入日本股市过去由于日本央行长期以来实施的超宽松货币政策，叠加日本国内低增长、低通涨，日本机构和个人投资者纷纷转向海外寻找更高的收益率。现在海外金融业的动荡，使得日本国内投资者对海外投资的风险偏好下降，另一方面则是出于对日本央行货币正常化转向的预期，日本海外资产回流的预期有所增强。海外市场剧烈波动的情况下，日本投资者幡然醒悟，还是国内安全。从去年以来日本投资者就在以创纪录的速度抛售海外资产。日本财务省数据显示，2022年包括银行、信托、保险在内的投资者净买入3.6万亿日元(约合260亿美元）的证券，净卖出23万亿日元（约合1700亿美元）的外国债券，为追踪该数据以来的最大数额，抛售主要集中在长期债券上，规模达到21.7万亿日元，时间点集中在去年二季度（7.8万亿日元）。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":652633318,"gmtCreate":1684477296834,"gmtModify":1684477974953,"author":{"id":"3457386800707943","authorId":"3457386800707943","name":"老虎11","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"只能说西方和亲西方国家更重视股市！","listText":"只能说西方和亲西方国家更重视股市！","text":"只能说西方和亲西方国家更重视股市！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/652633318","repostId":1183674432,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":652693881,"gmtCreate":1684470008743,"gmtModify":1684470010368,"author":{"id":"4118783285145670","authorId":"4118783285145670","name":"中华_WQJ","avatar":"https://static.tigerbbs.com/293e230874bbe941d979617bdaa0250d","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"中国股市何时雄起","listText":"中国股市何时雄起","text":"中国股市何时雄起","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/652693881","repostId":1183674432,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":652699604,"gmtCreate":1684469590109,"gmtModify":1684472564975,"author":{"id":"3491123261870898","authorId":"3491123261870898","name":"卖内裤买了","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"巴菲特怎么从来不吹a股，低估值","listText":"巴菲特怎么从来不吹a股，低估值","text":"巴菲特怎么从来不吹a股，低估值","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/652699604","repostId":1183674432,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":652604051,"gmtCreate":1684467921773,"gmtModify":1684469394251,"author":{"id":"3578400122203764","authorId":"3578400122203764","name":"现在已经","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"呼叫转移吗","listText":"呼叫转移吗","text":"呼叫转移吗","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/652604051","repostId":1183674432,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":652605026,"gmtCreate":1684467665365,"gmtModify":1684469360513,"author":{"id":"3554853582333882","authorId":"3554853582333882","name":"泥巴子","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"中国的股市更牛逼，一跌再跌，股市叫苦连天。","listText":"中国的股市更牛逼，一跌再跌，股市叫苦连天。","text":"中国的股市更牛逼，一跌再跌，股市叫苦连天。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/652605026","repostId":1183674432,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":652877587,"gmtCreate":1684465896349,"gmtModify":1684466450293,"author":{"id":"3566596898248825","authorId":"3566596898248825","name":"大瓶乐虎","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"磨刀霍霍向脚盆","listText":"磨刀霍霍向脚盆","text":"磨刀霍霍向脚盆","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/652877587","repostId":1183674432,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":652877035,"gmtCreate":1684465764327,"gmtModify":1684465766668,"author":{"id":"3577287190688086","authorId":"3577287190688086","name":"五顶六底通道周期流","avatar":"https://static.tigerbbs.com/dc2fb34372b81de18a8e2287ae8e6f23","vip":1,"hat":"https://static.tigerbbs.com/5c5b6ed6e3b5dcb14f9ef3ceb365e412","crmLevel":4,"crmLevelSwitch":0},"htmlText":"准备割韭菜","listText":"准备割韭菜","text":"准备割韭菜","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/652877035","repostId":1183674432,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":652875764,"gmtCreate":1684465453159,"gmtModify":1684465454828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