港股市场策略周报 2026.01.26-2026.02.01 | 分析师： | 蒋开来 | | --- | --- | | 中央编号： | BWL381 | | 联系电话： | 852-6430 1060 | | 邮箱： | jiangkl@cnzsqh.hk | n 本周港股主要指数整体上涨，资金大幅流入能源、地产、金融板块。本周恒生综指/恒生指数/恒生科技分别+1.78%/ +2.38%/-1.38%。本周市场一级行业板块中8个行业上涨、4个行业下跌，能源、地产建筑、金融业涨幅居前，分别 上涨7.44%、5.71%、5.3%。本周整体情况为：大盘、价值股表现占优，成长股次优，科技股表现较弱。 n 截至本周末，恒生综指的5年PE（TTM）估值分位点为90.38%，估值水平接近5年均值向上两个标准差。 l 港股市场宏观环境： 1 港股市场策略周报 - 投资要点 l 港股市场表现回顾： 2 n 基本面：1月三大PMI数据跌落荣枯线；12月工业企业利润实现"V型反转"，利润率大幅提升为核心驱动力。 n 资金面：美联储1月议息会议维持利率不变，前美联储鹰派理事沃什被提名为新美联储主席；南向资金净流入27.08亿 港 ...

港股通数据统计周报 2026.01.26-2026.02.01 | 分析师： | 蒋开来 | | --- | --- | | 中央编号： | BWL381 | | 联系电话： | 852-6430 1060 | | 邮箱： | jiangkl@cnzsqh.hk | 1 目录 2 l 港股通前十大净买入/卖出公司 l 港股通净买入/卖出行业分布 l 港股通前十大活跃个股 l 港股通与南下资金介绍 港股通前十大净买入/卖出公司 3 港股通本周前十大净买入公司（2026.01.26-2026.02.01） | 序号 | 证券代码 | 证券简称 | 行业 | 港股通持股变动数 | 净买入金额（亿元） | | --- | --- | --- | --- | --- | --- | | 1 | 9992.HK | 泡泡玛特 | 可选消费 | 13440803 | 30.05 | | 2 | 0700.HK | 腾讯控股 | 信息技术 | 4621172 | 28.00 | | 3 | 1810.HK | 小米集团-W | 信息技术 | 49988528 | 17.75 | | 4 | 2628.HK | 中国人寿 | ...

港股市场回购统计周报 2026.01.26-2026.02.01 | 分析师： | 蒋开来 | | --- | --- | | 中央编号： | BWL381 | | 联系电话： | 852-6430 1060 | | 邮箱： | jiangkl@cnzsqh.hk | 1 目录 2 l 港股市场回购周统计数据 l 上市公司回购的意义与作用 港股市场回购周统计数据 资料来源：Wind 4 n 本周回购市场热度较上周升温。 n 市场回购公司数量本周56家，较上周减少8 家。 n 总回购金额本周为11.15亿港元，较上周减 少9.77亿。 l 回购金额前十大公司统计 n 本周小米集团-W（1810.HK）排在第一， 本周回购2.90亿港元。 n 本周吉利汽车（0175.HK）回购2.73亿港元， 排在第二。 n 本周舜宇光学科技（2382.HK）回购金额排 在第三，达到1.96亿港元。 港股市场回购周统计数据（2026.01.26-2026.02.01） 0 20000 40000 60000 80000 信息技术 可选消费 房地产 日常消费 医疗保健 工业 金融 公用事业 材料 港股市场周行业回购金额 期间回购金 ...

港股市场估值周报 2026.01.26-2026.02.01 | 分析师： | 蒋开来 | | --- | --- | | 中央编号： | BWL381 | | 联系电话： | 852-6430 1060 | | 邮箱： | jiangkl@cnzsqh.hk | 1 目录 2 l 港股市场重要指数估值 l 港股市场各行业估值水平 l AH股溢价/折价水平 港股市场 重要指数估值 3 港股市场重要指数估值-恒生综合指数（HSCI） 资料来源：Wind 4 港股市场重要指数估值-恒生综合指数（HSCI） 资料来源：Wind 5 港股市场重要指数估值-恒生指数（HSI） 资料来源：Wind 6 港股市场重要指数估值-恒生指数（HSI） 资料来源：Wind 7 港股市场重要指数估值-恒生科技指数（HSTECH） 港股市场 各行业估值水平 10 资料来源：Wind 8 港股市场重要指数估值-恒生科技指数（HSTECH） 资料来源：Wind 9 港股市场各行业估值水平 资料来源：Wind，浙商国际 11 l 港股市场各行业PE估值水平 n 我们选取了2018年初以来的港股市场各个主 要行业的PE (TTM)为样本，来看 ...

Valuation of Hong Kong Stock Market - The report covers the valuation of major indices in the Hong Kong stock market, including the Hang Seng Composite Index (HSCI), Hang Seng Index (HSI), and Hang Seng Tech Index (HSTECH) [7] - The report analyzes the price-to-earnings (PE) and price-to-book (PB) ratios across various sectors since early 2018 [23] Sector Valuation Levels - No sectors are currently classified as undervalued with a PE valuation percentile below 20% [23] - Sectors with PE valuation percentiles below 50% include Consumer Discretionary, Consumer Staples, and Utilities [23] - Sectors with relatively high valuations (above 50%) include Energy, Materials, Industrials, Healthcare, Financials, Information Technology, and Telecommunications [23] - No sectors are classified as undervalued with a PB valuation percentile below 20% [23] - Sectors with PB valuation percentiles below 50% include Utilities and Real Estate [23] - Sectors with relatively high PB valuations (above 50%) include Energy, Materials, Industrials, Consumer Discretionary, Consumer Staples, Healthcare, Financials, Information Technology, and Telecommunications [23] AH Share Premium/Discount Levels - The report includes a trend analysis of the Hang Seng AH Share Premium Index over time, indicating fluctuations in premium levels [31]

Group 1: Weekly Buyback Overview - The total buyback amount for the week was HKD 4.202 billion, a decrease of HKD 819 million from the previous week[10] - A total of 72 companies conducted buybacks this week, a decrease of 3 companies compared to last week[10] - Tencent Holdings (0700.HK) ranked first with a buyback amount of HKD 2.543 billion[10] Group 2: Industry Analysis - The information technology sector accounted for the majority of buyback amounts, totaling HKD 3.659 billion[13] - The highest number of buyback companies was in the information technology sector, with 20 companies participating[13] - The consumer discretionary sector ranked second with 13 companies conducting buybacks[13] Group 3: Individual Company Buybacks - Xiaomi Group-W (1810.HK) ranked second with a buyback amount of HKD 670 million[10] - Sunny Optical Technology (2382.HK) ranked third with a buyback amount of HKD 349 million[10] - The buyback amount for Geely Automobile (0175.HK) was HKD 151 million, representing 0.08% of its total share capital[14]

港股市场回购统计周报 2026.01.05-2026.01.11 | 分析师： | 蒋开来 | | --- | --- | | 中央编号： | BWL381 | | 联系电话： | 852-6430 1060 | | 邮箱： | jiangkl@cnzsqh.hk | 1 目录 2 l 港股市场回购周统计数据 l 上市公司回购的意义与作用 港股市场回购周统计数据 3 港股市场回购周统计数据（2026.01.05-2026.01.11） l 周回购数据总汇 | 证券代码 | 证券简称 | 期间回购金额 | 期间回购数量 | 回购数量占 | | --- | --- | --- | --- | --- | | | | (万港元) | (万股) | 总股本比例 | | 0700.HK | 腾讯控股 | 317,862.46 | 511.70 | 0.06% | | 1810.HK | 小米集团-W | 78,970.36 | 2,055.00 | 0.08% | | 0175.HK | 吉利汽车 | 22,121.36 | 1,270.30 | 0.12% | | 2382.HK | 舜宇光学科技 | 10,788. ...

Production Sector - The coke oven operating rate increased to 71.63%, up by 0.87% from the previous week[7] - The blast furnace operating rate rose to 79.33%, a 0.37% increase week-on-week[7] - The PX operating rate improved to 90.07%, reflecting a 1.67% increase[7] - The full tire steel operating rate decreased slightly to 58.02%, down by 0.13%[7] - The semi-tire steel operating rate fell to 65.89%, a decrease of 2.36%[7] Consumption Sector - Weekly box office revenue reached 107.3 million yuan, a significant increase of 51.5 million yuan compared to the previous week[7] - Average daily retail sales of passenger cars increased to 82,048.55 units, up by 3,134.35 units[7] - Average daily wholesale sales of passenger cars rose to 106,358.95 units, an increase of 6,925.70 units[7] Real Estate and Infrastructure - The transaction area of commercial housing in 30 major cities dropped to 116.27 million square meters, down by 110.15 million square meters from the previous week[7] - The transaction area of second-hand houses in major cities increased to 206,569.54 square meters, up by 53,755.83 square meters[7] - The land transaction area in 100 major cities decreased to 625.15 million square meters, down by 593.60 million square meters[7] - The land premium rate in 100 major cities increased to 1.41%, up by 0.96%[7] Trade and Inflation - The Shanghai Export Container Freight Index (SCFI) fell to 1,647.39, a decrease of 8.93 points[8] - The China Export Container Freight Index (CCFI) rose to 1,194.89, an increase of 48.22 points[8] - The Baltic Dry Index (BDI) decreased to 1,688.00, down by 194.00 points[8] - The wholesale price index for agricultural products dropped to 128.65, down by 0.78 points[8] Transportation - The subway passenger volume in Beijing decreased to 950.13 million, down by 1.58 million from the previous week[8] - The subway passenger volume in Shanghai fell to 917.29 million, a decrease of 56.71 million[8] - The subway passenger volume in Guangzhou dropped to 969.54 million, down by 105.56 million[8] - The number of domestic flights (excluding Hong Kong, Macau, and Taiwan) decreased to 12,383.71, down by 294.57 flights[8]

Group 1: Top Net Buy/Sell Companies - The top net buy company is 盈富基金 (2800.HK) with a net buy amount of 6.465 billion CNY, representing a holding change of 244,904,500 shares[8] - The second highest net buy is 小米集团-W (1810.HK) with a net buy amount of 3.704 billion CNY, with a holding change of 97,941,310 shares[8] - The top net sell company is 中国移动 (0941.HK) with a net sell amount of -3.517 billion CNY, reflecting a holding change of -43,443,065 shares[9] Group 2: Industry Distribution of Net Buy/Sell - The financial sector shows a significant net buy, while the telecommunications sector has a notable net sell, indicating a shift in investor sentiment[11] - Information technology companies like 小米集团-W and 腾讯控股 are actively traded, with mixed net buy/sell results, suggesting volatility in this sector[11] - The healthcare sector, represented by companies like 石药集团, has seen a net buy, indicating potential growth interest from investors[11] Group 3: Active Stocks - 阿里巴巴-W (9988.HK) is the most active stock in the Shanghai-Hong Kong Stock Connect with a total trading volume of 6.569 billion CNY and a net sell of -2.114 billion CNY[18] - The second most active stock is 金风科技 (2208.HK) with a trading volume of 3.307 billion CNY and a net sell of -0.130 billion CNY[18] - The trading activity of 中芯国际 (0981.HK) shows a total volume of 2.174 billion CNY with a net sell of -0.174 billion CNY, indicating investor caution[18]

Valuation of Hong Kong Stock Market - The report analyzes the valuation of major indices in the Hong Kong stock market, including the Hang Seng Composite Index (HSCI), Hang Seng Index (HSI), and Hang Seng Tech Index (HSTECH) [7]. - The report highlights that there are no industries with a PE valuation below the 20th percentile, indicating no severely undervalued sectors [23]. - Industries with PE valuations below the 50th percentile include Consumer Discretionary, Consumer Staples, Healthcare, Information Technology, and Utilities [23]. Industry Valuation Levels - The report presents the PE (TTM) valuation levels for various industries, showing that Energy, Materials, Industrials, Financials, and Telecom Services have valuations above the 50th percentile [23]. - For PB (LF) valuations, no industries are below the 20th percentile, with Consumer Staples, Information Technology, Utilities, and Real Estate below the 50th percentile [23]. - Industries with relatively high PB valuations include Energy, Materials, Industrials, Consumer Discretionary, Healthcare, Financials, and Telecom Services, all above the 50th percentile [23]. AH Share Premium/Discount Levels - The report includes an analysis of the Hang Seng AH Share Premium Index, tracking its performance over time [31]. - The index shows fluctuations with an average value and standard deviations noted, indicating the premium or discount levels of AH shares [33].