Valuation of Hong Kong Stock Market - The Hang Seng Composite Index (HSCI) and Hang Seng Index (HSI) are key indicators of the Hong Kong stock market's valuation[9][13] - The Hang Seng Technology Index (HSTECH) reflects the valuation trends in the technology sector[17] Industry Valuation Levels - The PE (TTM) valuation shows that the consumer staples sector is undervalued, with a percentile below 20%[24] - Sectors with PE valuation below 50% include consumer discretionary, information technology, and utilities[24] - High valuation sectors (above 50%) include energy, materials, industrials, healthcare, financials, and telecommunications[24] - The PB (LF) valuation indicates no sectors are undervalued below 20%, while information technology, utilities, and real estate are below 50%[24][28] - High PB valuation sectors (above 50%) include energy, materials, industrials, consumer discretionary, consumer staples, healthcare, financials, and telecommunications[24][28] AH Share Premium/Discount Levels - The Hang Seng AH Share Premium Index tracks the premium or discount of Hong Kong-listed shares compared to their A-share counterparts[34]

港股市场策略周报 港股市场策略周报 - 投资要点 l 港股市场表现回顾： n 除中小盘外，本周港股主要指数普遍下跌。本周恒生综指/恒生指数/恒生科技分别-3.22%/-3.02%/-6.51%。本周市 场一级行业板块中4个行业上涨、8个行业下跌，资讯科技业、原材料业、非必需性消费跌幅居前，分别下跌7.8%、 6.22%、4.55%。本周整体情况为：中小盘表现占优，其余风格的股指均有不同程度的下跌，其中恒生科技跌幅最深。 n 截至本周末，恒生综指的5年PE（TTM）估值分位点为88.51%，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： 2 2026.02.02-2026.02.08 | 分析师： | 刘景锋 | | --- | --- | | 中央编号： | BXJ117 | | 联系电话： | 852-6222 4563 | | 邮箱： | liujingfeng@cnzsqh.hk | 1 n 基本面：2026年中央一号文件公布，强调确保国家粮食安全，发展农业新质生产力，实施"常态化精准帮扶"机制。 n 资金面：美联储3月维持利率不变的概率超8成；美国ISM PMI重返扩张区间；南向资金净流 ...

港股市场回购统计周报 2026.02.02-2026.02.08 | 分析师： | 刘景锋 | | | --- | --- | --- | | 中央编号： | BXJ117 | | | 联系电话： | 852-6222 | 4563 | | 邮箱： | liujingfeng@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（2026.02.02-2026.02.08） 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 | | 2057.HK | 中通快递-W | 326,936.30 | 1,825.44 | 2.29% | | 1810.HK | 小米集团-W | 48,588.93 | 1,405.00 | 0.05% | | 3888.HK | 金山软件 | 8,998.77 | 327.56 | 0.23% | | 0175.HK ...

Market Performance Review - The Hong Kong stock market indices experienced an overall increase this week, with significant capital inflows into the energy, real estate, and financial sectors. The Hang Seng Composite Index, Hang Seng Index, and Hang Seng Tech Index rose by 1.78%, 2.38%, and fell by 1.38% respectively. Among the primary industry sectors, 8 sectors increased while 4 decreased, with energy, real estate, and financial sectors leading the gains at 7.44%, 5.71%, and 5.3% respectively [3][14] - The overall market situation indicates that large-cap and value stocks outperformed, while growth stocks were second best, and technology stocks performed weakly [3][14] Market Valuation Level - As of the end of this week, the 5-year PE (TTM) valuation percentile for the Hang Seng Composite Index is at 90.38%, indicating that the valuation level is close to two standard deviations above the 5-year average [3] Macro Environment - The macroeconomic environment shows that the three major PMI data for January have fallen below the boom-bust line. In December, industrial enterprise profits achieved a "V-shaped recovery," with profit margins significantly improving as the core driver [4][42] - The funding environment indicates that the Federal Reserve maintained interest rates at the January meeting, with net inflows of southbound funds amounting to HKD 2.708 billion, a decrease of HKD 20.815 billion compared to the previous week [4][42] Sector Outlook - The outlook for the Hong Kong stock market suggests that the domestic economy is still in a bottoming phase, with economic data showing some recovery. Policy focus will be on technological innovation and expanding domestic demand. Despite a significant decrease in net inflows of southbound funds, there is still a positive sentiment towards sectors benefiting from policy support, such as new energy, innovative pharmaceuticals, and AI technology [4][42] - The report highlights a favorable view on low-valuation state-owned enterprises that are expected to benefit from policy support, as well as local Hong Kong banks, telecommunications, and utility dividend stocks that are relatively independent and benefit from the interest rate cut cycle [4][42] Buyback Statistics - The buyback market has seen increased activity this week, with a total buyback amount of HKD 1.115 billion, a decrease of HKD 9.77 billion from the previous week. The number of companies engaging in buybacks this week was 56, down by 8 from last week [25][26] - The top companies by buyback amount include Xiaomi Group (1810.HK) with HKD 290.196 million, Geely Automobile (0175.HK) with HKD 273.143 million, and Sunny Optical Technology (2382.HK) with HKD 196.953 million [25][26] Southbound Fund Statistics - The top net buying companies through the southbound trading link this week include Pop Mart (9992.HK) with a net buying amount of HKD 3.005 billion, Tencent Holdings (0700.HK) with HKD 2.800 billion, and Xiaomi Group (1810.HK) with HKD 1.775 billion [33] - Conversely, the top net selling companies include the Tracker Fund of Hong Kong (2800.HK) with a net selling amount of HKD 5.491 billion, China Mobile (0941.HK) with HKD 4.584 billion, and Zijin Mining (2899.HK) with HKD 2.289 billion [34]

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 ...

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) [8][9][13][17]. - The report highlights that there are no industries currently undervalued with a PE valuation percentile below 20% [24]. - Industries with PE valuation percentiles below 50% include Consumer Discretionary, Consumer Staples, and Utilities [24]. Industry Valuation Levels - The report indicates that industries with relatively high PE valuations (above 50%) include Energy, Materials, Industrials, Healthcare, Financials, Information Technology, and Telecommunications [24]. - For PB valuation, no industries are currently undervalued with a percentile below 20% [24]. - Industries with PB valuation percentiles below 50% are Consumer Staples, Utilities, and Real Estate [24]. AH Share Premium/Discount Levels - The report includes a trend analysis of the Hang Seng AH Share Premium Index, showing fluctuations over time [34]. - The average value and standard deviations of the AH Share Premium Index are provided, indicating market sentiment towards AH shares [34].

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. ...