嘉实基金：港股调整后性价比更优 核心资产配置价值凸显

Core Viewpoint - The Hong Kong stock market is experiencing fluctuations, but there is a continuous inflow of capital from mainland China. The recent adjustments are influenced more by liquidity expectations and short-term sentiment rather than significant changes in the fundamentals, making it an opportune time to focus on Hong Kong stocks, especially in sectors with reasonable valuations and long-term growth potential [1][2]. Group 1: Market Conditions - The Hong Kong stock market has seen a correction since Q4 2025, primarily due to fluctuations in expectations regarding the Federal Reserve's interest rate cuts, concerns over valuation bubbles in the AI sector, and seasonal factors affecting liquidity at year-end [1]. - The market is highly sensitive to global liquidity, and following the Federal Reserve's interest rate cuts in October 2025, there was a temporary pessimism regarding future rate cuts due to the prolonged U.S. government shutdown, which affected economic data availability [1]. Group 2: Economic Fundamentals - The economic fundamentals of the Hong Kong stock market are closely tied to the performance of mainland China. Since the beginning of 2025, macroeconomic data from China has shown resilience, with strong export figures indicating the international competitiveness of Chinese products, supporting a mild recovery in corporate earnings [2]. - The AI-driven market rally has led to significant gains, but some technology stocks are now at relatively high valuations, raising discussions about potential bubble risks. However, ongoing advancements in AI technology suggest that the market may not yet be at a bubble-bursting stage [2]. Group 3: Investment Opportunities - As the year-end approaches, there is an increase in profit-taking behavior among investors, which may exert some short-term pressure on market liquidity. Nevertheless, the current environment is viewed as a favorable window for positioning in core assets with long-term value [2]. - According to Wind data, as of December 5, the TTM price-to-earnings ratio of the Hang Seng Index ETF tracked by 嘉实基金 is 11.68, lower than that of the Hang Seng Index (11.79), CSI 300 Index (13.81), and A500 Index (16.21). Additionally, the dividend yield of the Hang Seng Index ETF exceeds 3%, indicating a relatively attractive investment opportunity [3].