智通财经网·2026-02-24 00:45Core Viewpoint - The Hong Kong stock market experienced fluctuations and declines due to the Chinese New Year holiday, with a recommendation to focus on sectors such as precious metals, energy, consumer, and technology for potential investment opportunities [1][5]. Market Performance - The Hong Kong stock market had only two trading days during the week (February 16 to February 20), with the Hang Seng Index falling by 0.58%, the Hang Seng Tech Index down by 2.78%, and the Hang Seng China Enterprises Index decreasing by 0.81% [2]. - Among the primary industries, eight sectors rose while three fell, with energy, materials, and industrial sectors showing the highest gains of 3.65%, 2.27%, and 1.03% respectively. Conversely, consumer discretionary, consumer staples, and communication services sectors faced declines of 1.86%, 1.50%, and 0.13% respectively [2]. Market Liquidity - Due to the holiday, the Hong Kong market had a half-day trading session on February 16, with a trading volume of HKD 85.056 billion. On February 20, the trading volume was HKD 165.461 billion, lower than the previous week's average of HKD 240.643 billion [3]. - Short selling amounted to HKD 23.727 billion, representing 14.43% of the total, significantly higher than the previous week's average of 12.56% [3]. - Over the past week, there was a net inflow of USD 321 million from active foreign funds and USD 697 million from passive foreign funds into Hong Kong stocks, both lower than the previous week's inflows [3]. Valuation and Risk Appetite - As of February 20, the Hang Seng Index had a PE ratio of 12.09 and a PB ratio of 1.23, which are at the 79% and 55% percentile levels since 2010 [4]. - The 10-year U.S. Treasury yield rose by 4 basis points to 4.08%, with the risk premium for the Hang Seng Index at 4.19%, positioned at the 5% percentile since 2010 [4]. - The AH share premium index for the Hong Kong-Shanghai Stock Connect decreased by 1.02 points to 116.40, at the 9% percentile level since 2014 [4]. Investment Outlook - The U.S. GDP growth rate for Q4 2025 was revised down to an annualized rate of 1.4%, below the expected 2.5% and the revised 4.4% from Q3 [5]. - President Trump announced an increase in the import tariff on global goods from 10% to 15% [5]. - The report suggests focusing on sectors such as precious metals and energy due to rising geopolitical risks and adjustments in U.S. tariff policies, as well as the consumer sector, which is expected to benefit from increased consumption policies [5]. The technology sector remains a long-term investment focus, with potential rebounds anticipated due to advancements in AI [5].