FSMOne：港股投资价值吸引 恒指今年目标价30000点

Group 1 - The core viewpoint is that the Hang Seng Index's long-term performance will depend on corporate earnings recovery, despite short-term momentum from valuation expansion [1] - The sectors expected to see the highest earnings growth by 2026 are consumer discretionary, materials, and information technology, all of which are above the market average [1] - Liquidity is a crucial factor supporting the performance of Hong Kong stocks, with significant net inflows from mainland investors exceeding HKD 1 trillion last year [1] Group 2 - Despite significant gains in Hong Kong stocks last year, structural investment opportunities remain, particularly driven by the expansion of AI applications and increased market liquidity from northbound capital and IPOs [2] - The target price for the Hang Seng Index in 2026 is projected to be 30,000 points based on a target P/E ratio of 11 times [2] - AI development is expected to continue driving growth in the US stock market, with strong semiconductor sales and high capital expenditure in tech firms supporting overall economic growth [2]