平安资管黄家乐：港股迎重估机遇 建议"杠铃策略"配置

Group 1 - The core viewpoint of the article emphasizes the new investment opportunities in the Hong Kong stock market amid China's asset revaluation, suggesting a "barbell strategy" for investors [1] - The Hong Kong stock market shows significant valuation advantages, with the Hang Seng Index's dividend yield at 3.04% and a forecasted price-to-earnings ratio of 11.19, lower than major global indices [1] - The AH share premium index is at a high level, indicating a valuation discount of 20%-30% for Hong Kong stocks compared to A-shares [1] Group 2 - For the "growth" side of the barbell strategy, the potential of Hong Kong growth stocks is being activated, supported by external factors like the Federal Reserve's interest rate cuts and easing export restrictions on chips to China [2] - Internally, domestic policies are strongly encouraging the development of new productive forces, providing targeted support for AI and industrial robotics [2] - The new consumption, innovative pharmaceuticals, and technological innovation sectors are identified as having superior allocation potential, with AI driving changes in innovative drug development [2] Group 3 - The article notes that overseas funds are increasingly enthusiastic about Chinese assets, with an expected influx of over $140 billion if global active funds allocate to Chinese assets [3] - The momentum of southbound capital inflows into Hong Kong stocks remains strong, particularly in sectors like retail, pharmaceuticals, and media [3] - As China's economy recovers and the attractiveness of the Chinese market increases, the scale of capital inflows is expected to expand, providing long-term growth momentum for the stock market [3]