上半年港股结构性行情凸显

Market Performance - The Hong Kong stock market experienced a strong rebound in the first half of the year, with the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index rising by 20.00%, 19.05%, and 18.68% respectively [2] - The market saw significant structural differentiation, with 11 out of 12 industry sectors posting gains, particularly in healthcare, materials, and information technology, which rose by 47.43%, 44.79%, and 30.48% respectively [3] IPO and Fundraising - Hong Kong led the global IPO market with a fundraising total of HKD 106.71 billion, a year-on-year increase of 688.56% [4] - Major IPOs included CATL, which raised HKD 41.01 billion, and other significant contributions from companies like Hengrui Medicine and Haitian Flavoring, which together accounted for 58.6% of the total fundraising [4] Capital Inflows and Liquidity - Southbound capital inflows reached HKD 731.19 billion, representing 90.51% of last year's total inflow [3] - The refinancing scale in the Hong Kong market surged to HKD 143.69 billion, significantly exceeding the previous year's total [3] Policy and Industry Dynamics - A series of policy incentives, including the expansion of the Stock Connect program and the approval of new listing processes for biotech companies, have enhanced the attractiveness of the Hong Kong market [4] - The convergence of policy support, capital inflows, and industry upgrades has driven valuation recovery in sectors such as finance, technology, consumption, and healthcare [4] Future Outlook - Analysts predict that the Hong Kong market may continue to experience upward momentum in the second half of the year, transitioning from a structural recovery to a more comprehensive market recovery [6][7] - The current valuation of the Hang Seng Index stands at a PE ratio of 10.68, indicating a relatively low valuation compared to global equity markets, suggesting long-term investment potential [6]