<p>作者：Jaspreet Kalra</p>
<p>汇丰周五表示，印度金融资产在各个领域看起来都很有吸引力，指出股票作为对抗全球人工智能股票激烈上涨的对冲工具的吸引力、持有卢比的有利风险特征以及政府债券的价值。</p>
<p>该公司的分析师建议对印度股票采取 “增持” 头寸，称其现在相比中国股票提供了更好的价值。</p>
<p>该国的股市也是 “良好的人工智能对冲”，为对人工智能上涨感到不安的投资者提供了多样化选择，该公司在一份报告中表示。</p>
<p>印度储备银行最近几周对卢比的捍卫为持有该货币提供了良好的风险回报，而改善的国内投资者需求则为该国 10 年期政府债券提供了战术性买入机会，该报告称。</p>
<p>为什么这很重要</p>
<p>积极的前景与今年印度股票和卢比在与美国的贸易摩擦中表现不佳形成对比。</p>
<p>印度股票的疲软在年初因对人工智能的有限曝光而加剧，促使基金经理采取波动性高增长策略。</p>
<p>不过，印度股票在 10 月份反弹，BSE Sensex 本月上涨 4.5%，而外国投资者结束了三个月的卖出潮，购买了价值 16 亿美元的本地股票。</p>
<p>数字概览</p>
<p>汇丰对 BSE Sensex 的 2026 年底目标为 94,000 点，比当前市场水平上涨近 13%。</p>
<p>它还建议购买该国的 10 年期主权债券（IN063335G=CC），目标收益率降至 6.25%，低于目前约 6.51% 的水平。</p>
<p>与此同时，该公司支持一种相对价值交易，押注印度货币表现优于印尼货币。</p>
<p>图表：</p>
<p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/tag:reuters.com,2025:newsml_L1N3WJ0BN-cc265c5f23480461e111a5435828162c-resized.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/tag:reuters.com,2025:newsml_L1N3WJ0BN-cc265c5f23480461e111a5435828162c-resized.jpeg"/></p>
<p>汤森路透：卢比在 2025 年落后于大多数亚洲同行</p>
<p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/tag:reuters.com,2025:newsml_L1N3WJ0BN-16076188289749fd6a854a24d904e536-resized.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/tag:reuters.com,2025:newsml_L1N3WJ0BN-16076188289749fd6a854a24d904e536-resized.jpeg"/></p>
<p>汤森路透：印度股票表现不及全球和区域同行</p>
<p>关键引用：</p>
<p>“自 9 月份以来，印度的 ‘股票和债券’ 表现更好，我们认为还有更多空间……如果美国降低对印度出口的关税，从而改善增长预期，那么回报可能会有更大的上升空间。”</p>
<p>“外国投资者在最近几个月大量涌向亚洲的人工智能股票，其中一些是通过削减对印度的投资来资助的。我们认为印度是一个良好的人工智能对冲，并为那些对人工智能上涨感到不安的人提供了多样化选择。”</p>

汇丰控股有限公司

汇丰

汇丰控股

<p>汇丰已将印度金融资产视为有吸引力的投资，特别是印度股票，被认为是对全球人工智能股票上涨的对冲。该公司建议对印度股票采取 “增持” 策略，指出其相较于中国股票具有更好的价值。印度储备银行对卢比的支持以及国内对政府债券需求的上升也提供了有利的投资机会。汇丰预计到 2026 年底，孟买证券交易所敏感指数将上涨 13%，并建议购买 10 年期主权债券，目标收益率为 6.25%</p>

<p>By Jaspreet Kalra</p>
<div class="lb-trans"><p>作者：Jaspreet Kalra</p>
</div><p>Indian financial assets are looking attractive across the board, HSBC said on Friday, citing equities' appeal as a hedge against the searing rally in global AI stocks, a favourable risk-profile for holding the rupee and value in government bonds.</p>
<div class="lb-trans"><p>汇丰周五表示，印度金融资产在各个领域看起来都很有吸引力，指出股票作为对抗全球人工智能股票激烈上涨的对冲工具的吸引力、持有卢比的有利风险特征以及政府债券的价值。</p>
</div><p>Analysts at the firm recommend an &#34;overweight&#34; position on Indian equities, saying that they now offer better value compared to Chinese stocks.</p>
<div class="lb-trans"><p>该公司的分析师建议对印度股票采取 “增持” 头寸，称其现在相比中国股票提供了更好的价值。</p>
</div><p>The country's equity markets are also &#34;a good AI hedge&#34; and provide diversification for investors uncomfortable with the AI rally, the firm said in a note.</p>
<div class="lb-trans"><p>该国的股市也是 “良好的人工智能对冲”，为对人工智能上涨感到不安的投资者提供了多样化选择，该公司在一份报告中表示。</p>
</div><p>The Reserve Bank of India's defense of the rupee over recent weeks provides good risk-reward for holding the currency, while improving domestic investor demand offers a tactical buying opportunity for the country's 10-year government bond, the note said.</p>
<div class="lb-trans"><p>印度储备银行最近几周对卢比的捍卫为持有该货币提供了良好的风险回报，而改善的国内投资者需求则为该国 10 年期政府债券提供了战术性买入机会，该报告称。</p>
</div><p>WHY IT MATTERS</p>
<div class="lb-trans"><p>为什么这很重要</p>
</div><p>The positive outlook contrasts with the underperformance of Indian equities and the rupee this year amid trade friction with the U.S.</p>
<div class="lb-trans"><p>积极的前景与今年印度股票和卢比在与美国的贸易摩擦中表现不佳形成对比。</p>
</div><p>Indian equities' weakness was exacerbated earlier in the year by limited exposure to artificial intelligence, prompting fund managers to adopt volatile high-growth strategies.</p>
<div class="lb-trans"><p>印度股票的疲软在年初因对人工智能的有限曝光而加剧，促使基金经理采取波动性高增长策略。</p>
</div><p>Indian equities bounced back in October though, with the BSE Sensex  ending 4.5% higher for the month, while foreign investors snapped a three-month selling streak to pick up $1.6 billion worth of local stocks.</p>
<div class="lb-trans"><p>不过，印度股票在 10 月份反弹，BSE Sensex 本月上涨 4.5%，而外国投资者结束了三个月的卖出潮，购买了价值 16 亿美元的本地股票。</p>
</div><p>BY THE NUMBERS</p>
<div class="lb-trans"><p>数字概览</p>
</div><p>HSBC has an end-2026 target for the BSE Sensex  at 94,000, a near-13% rise from current market levels.</p>
<div class="lb-trans"><p>汇丰对 BSE Sensex 的 2026 年底目标为 94,000 点，比当前市场水平上涨近 13%。</p>
</div><p>It also recommends buying the country's 10-year sovereign bond (IN063335G=CC) with a target of the yield declining to 6.25%, down from around 6.51% currently.</p>
<div class="lb-trans"><p>它还建议购买该国的 10 年期主权债券（IN063335G=CC），目标收益率降至 6.25%，低于目前约 6.51% 的水平。</p>
</div><p>For the rupee , meanwhile, the firm its backing a relative value trade that wagers on the Indian currency outperforming its Indonesian peer.</p>
<div class="lb-trans"><p>与此同时，该公司支持一种相对价值交易，押注印度货币表现优于印尼货币。</p>
</div><p>GRAPHIC:</p>
<div class="lb-trans"><p>图表：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/tag:reuters.com,2025:newsml_L1N3WJ0BN-cc265c5f23480461e111a5435828162c-resized.jpeg" alt="" original-src="https://s3.tradingview.com/news/image/tag:reuters.com,2025:newsml_L1N3WJ0BN-cc265c5f23480461e111a5435828162c-resized.jpeg"/></p>
<p>Thomson ReutersRupee has lagged behind most Asian peers over 2025</p>
<div class="lb-trans"><p>汤森路透：卢比在 2025 年落后于大多数亚洲同行</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/tag:reuters.com,2025:newsml_L1N3WJ0BN-16076188289749fd6a854a24d904e536-resized.jpeg" alt="" original-src="https://s3.tradingview.com/news/image/tag:reuters.com,2025:newsml_L1N3WJ0BN-16076188289749fd6a854a24d904e536-resized.jpeg"/></p>
<p>Thomson ReutersIndian equities have underperformed global and regional peers</p>
<div class="lb-trans"><p>汤森路透：印度股票表现不及全球和区域同行</p>
</div><p>KEY QUOTES:</p>
<div class="lb-trans"><p>关键引用：</p>
</div><p>Indian &#34;equities and bonds have performed better since September, and we see room for more ... If US tariffs on India’s exports are lowered, thereby improving growth expectations, then there may be more room for a rise in returns.&#34;</p>
<div class="lb-trans"><p>“自 9 月份以来，印度的 ‘股票和债券’ 表现更好，我们认为还有更多空间……如果美国降低对印度出口的关税，从而改善增长预期，那么回报可能会有更大的上升空间。”</p>
</div><p>&#34;Foreign investors have heavily gravitated towards AI names in Asia in recent months, and some of that was funded by cutting their exposure to India. We see India as a good AI hedge and provides diversification for those who feel uncomfortable with the AI rally.&#34;</p>
<div class="lb-trans"><p>“外国投资者在最近几个月大量涌向亚洲的人工智能股票，其中一些是通过削减对印度的投资来资助的。我们认为印度是一个良好的人工智能对冲，并为那些对人工智能上涨感到不安的人提供了多样化选择。”</p>
</div>

HSBC sees Indian stocks as hedge against global AI rally; finds value in FX, bonds

- 汇丰表示，印度金融资产整体吸引力增强，推荐增持印度股票。  
- 近期印度股市反弹，外资回流，10 年期国债具备买入机会。  
- 汇丰预计到 2026 年底，BSE Sensex 将上涨近 13%。

汇丰认为印度股票是对冲全球 AI 行情的工具；并在外汇和债券中发现了价值