恒指站上26000点！波动加剧之际，港股哪些板块更值得关注？

Market Performance - The Hang Seng Index has achieved a "four consecutive days of gains," surpassing 26,000 points, marking a year-to-date increase of nearly 31% [2] - The Hang Seng Tech Index has also recorded an increase of over 30% year-to-date [2] - Notable gainers among Hang Seng constituents include Lenovo Group (+4%), JD Logistics (+4%), and Sun Hung Kai Properties (+4%), while SMIC and Sunny Optical rose over 2% [2] Financial Performance - According to Galaxy Securities, total revenue for all Hong Kong stocks increased by 0.67% year-on-year in the first half of the year, while net profit attributable to shareholders grew by 3.59% [3] - The revenue growth rates for the Hang Seng Index and the Hang Seng China Enterprises Index were 2.46% and 2.59%, respectively, both showing a decline compared to the previous year's report [3] - The Hang Seng Tech Index showed a stronger performance with a revenue growth of 16.12% and a net profit growth of 19.24% in the first half of 2025 [3] Capital Flows - Continuous inflow of southbound funds has been a key driver for the rise in Hong Kong stocks, with a cumulative net inflow of HKD 979 billion from January to August [4] - The proportion of trading volume from the Stock Connect has been increasing, reaching an average of 55.9% in August [4] - Southbound funds have maintained a net inflow status into September [4] Market Outlook - Analysts from Zhongtai International suggest that the market is currently in a consolidation phase at high levels, with limited room for further valuation expansion [7] - The Chinese economy is showing signs of moderate recovery, with improving domestic demand and a more favorable export structure [7] - Investment strategies should focus on high-certainty earnings technology leaders, semiconductor, AI computing sectors, and interest-sensitive materials [7] Sector Recommendations - Citigroup has raised its year-end target for the Hang Seng Index by 7% to 26,800 points, with further increases expected in 2024 [10] - The report highlights sectors such as technology, healthcare, and insurance as key beneficiaries of China's "14th Five-Year Plan," while downgrading telecommunications and energy sectors due to slow profit growth [10] - Analysts recommend focusing on sectors with relative prosperity and policy benefits, including automotive, new consumption, innovative pharmaceuticals, and technology [8]