下半年A股与港股投资攻略！李大霄：关注低估核心资产 把握东升西落机遇

Core Viewpoint - The current investment sentiment is rising, and there is a discussion on whether the market may become overheated in the future. The focus is on the potential evolution of the slow bull market and the attractiveness of certain sectors, particularly financials and state-owned enterprises, which are considered undervalued [1][2]. Group 1: Investment Opportunities - Financial sector, including large financial institutions, is highlighted as an attractive investment area due to its relative undervaluation [1]. - H-shares are expected to be a focal point for global investors, reflecting the "East rises, West falls" narrative, indicating a shift in capital flows towards Asia [1][2]. - The Hong Kong capital market has shown significant growth, rising from 14,597 points to over 25,000 points, demonstrating its increasing attractiveness to global capital [2]. Group 2: Market Dynamics - There is a growing probability of capital returning from the U.S., where high asset prices and tax implications are prompting investors to consider repatriation [2]. - The U.S. market, particularly the Dow Jones Industrial Average, is described as historically high with a price-to-earnings ratio of 9, making it less appealing compared to emerging markets like China [2]. - The Chinese economy is contributing over 30% to global economic growth, reinforcing the belief in the potential for "East rises" [2]. Group 3: Core Assets - Core assets in both Hong Kong and A-shares include major indices such as the Shanghai Composite Index, Hang Seng Technology Index, and various financial indices, which are attracting long-term domestic and international investments [3]. - The non-bank financial sector is experiencing significant activity, indicating a diverse range of investment opportunities that combine traditional and technological assets [3].