港股“老登”，熬出头了？

Market Overview - The A-share market has seen a rotation of hotspots this year, while the Hong Kong stock market has also experienced a shift in focus, with the Hang Seng Tech Index down nearly 20% since its peak in October last year [1] - In contrast, stable and dividend-paying local giants in Hong Kong have been on the rise recently [1] Sector Performance - The energy, real estate, and financial sectors have shown the highest gains in the recent uptrend of the Hong Kong stock market [2] - Bank, insurance, real estate, and public utility stocks in Hong Kong have seen a significant increase in popularity and valuation recovery since last year [3] Financial Sector Insights - The financial sector's strong performance is attributed to multiple favorable factors, including the implementation of new regulations for the Renminbi cross-border payment system (CIPS), which positions Hong Kong as a "Renminbi offshore pricing center" [11] - The Hong Kong Monetary Authority reports double-digit growth in Renminbi deposits and cross-border settlement volumes, enhancing the business potential for financial institutions [11] - The active IPO and refinancing market in Hong Kong has created a wealth effect, boosting demand for wealth management services and benefiting brokerage and investment banking businesses [11] Real Estate Sector Insights - The rise in the Hong Kong real estate sector is influenced by both mainland and local property companies, with recent policies from the mainland stabilizing market expectations [12] - The Hong Kong real estate market has shown signs of recovery, with the total number of property sale contracts reaching a four-year high in 2025, and residential prices increasing for seven consecutive months [13][20] - The overall private residential sales volume in Hong Kong is expected to rise by 18% in 2025, marking two consecutive years of growth [20] Rental Market Dynamics - The rental market in Hong Kong is experiencing strong demand due to an influx of professionals and students, leading to rising rental prices [24] - The rental index has shown continuous growth, with a 4.26% increase in 2025, indicating a robust rental market compared to the sales market [24][27] Future Outlook - The Hong Kong real estate market is projected to see a 10% increase in property prices in 2026, the largest annual increase since 2017 [35] - Despite the positive outlook, there are still risks associated with geopolitical uncertainties and the presence of financially troubled companies in the sector [36]