兴业证券：本轮A股和港股上涨由何贡献？

Core Viewpoint - The report from Industrial Securities analyzes the contribution of profit, valuation, and dividends to the recent performance of A-shares and Hong Kong stocks, highlighting the breakdown of valuation contributions into risk-free rate and risk preference [1]. A-shares Performance Breakdown - In the past year, the total increase of A-shares was 50.66%, with dividend contribution at 1.85%, profit contribution at 6.5%, risk-free rate contribution at 14.1%, and risk preference contribution at 28.2% [1]. Hong Kong Stocks Performance Breakdown - The Hang Seng Index increased by 55.47% over the past year, with dividend contribution at 2.99%, profit contribution at 10.56%, risk-free rate contribution at 25.34%, and risk preference contribution at 16.59% [4]. Industry Performance Analysis - A-shares - Among A-shares, sectors such as telecommunications, non-ferrous metals, media, machinery, and electronics showed positive profit contributions, while sectors like coal, petrochemicals, food and beverage, utilities, and construction faced declines due to limited valuation increases alongside profit downturns [6]. Industry Performance Analysis - A-shares (Secondary Level) - In the secondary industry analysis of A-shares, sectors with significant increases generally had positive profit contributions, while sectors like ground weaponry, glass fiber, new metal materials, automation equipment, auto parts, small appliances, and rubber had negative profit contributions driven mainly by valuation [7]. Industry Performance Analysis - Hong Kong Stocks - For Hong Kong stocks, leading sectors such as agriculture, light industry, non-ferrous metals, pharmaceuticals, steel, and electronics had positive profit contributions, while sectors like social services, construction, petrochemicals, and coal were negatively impacted by profit declines and limited valuation increases [11]. Industry Performance Analysis - Hong Kong Stocks (Secondary Level) - In the secondary industry analysis of Hong Kong stocks, leading sectors generally had positive profit contributions, while sectors like automation equipment, semiconductors, medical devices, and communication equipment faced negative profit contributions primarily due to valuation [13].