智通财经网·2026-03-02 01:55Core Viewpoint - The technology sector remains the long-term investment focus in the Hong Kong stock market, with concerns surrounding AI creating buying opportunities. The rise of China's AI capabilities is expected to boost market confidence, although full recovery will take time [1]. Group 1: Market Performance - During the week from February 23 to February 28, global major stock indices showed mixed performance. The Hang Seng Index rose by 0.82%, while the Hang Seng Tech Index and the Hang Seng China Enterprises Index fell by 1.41% and 1.12%, respectively [1]. - In terms of industry performance, five sectors in the Hong Kong stock market increased while six sectors decreased. The materials, real estate, and utilities sectors saw the highest gains, rising by 5.36%, 2.48%, and 1.60%, respectively. Conversely, healthcare, information technology, and consumer discretionary sectors experienced the largest declines, falling by 4.20%, 1.80%, and 1.55% [1]. Group 2: Market Liquidity - The average daily trading volume on the Hong Kong Stock Exchange for the week was HKD 241.836 billion, an increase of HKD 116.578 billion from the previous week [2]. - Cumulative net inflow of southbound funds reached HKD 6.705 billion, a decrease of HKD 21.095 billion compared to the previous week [2]. - For the week ending February 25, global active foreign funds saw a net inflow of USD 238 million into Chinese stocks, while passive foreign funds had a net inflow of USD 2.186 billion, with respective changes of a decrease of USD 83 million and an increase of USD 1.489 billion from the previous week [2]. Group 3: Valuation and Risk Appetite - As of February 27, 2026, the PE and PB ratios of the Hang Seng Index were 11.98 times and 1.23 times, respectively, placing them at the 77% and 55% percentile levels since 2010 [3]. - The yield on 10-year U.S. Treasury bonds decreased by 11 basis points to 3.97%, with the risk premium of the Hang Seng Index at 4.38%, which is -1.40 standard deviations from the 3-year rolling mean, placing it at the 8% percentile since 2010 [3]. - The AH share premium index for the Hong Kong-Shanghai Stock Connect rose by 1.77 points to 118.17, which is at the 12.21% percentile level since 2014 [3]. Group 4: Investment Outlook - Internationally, the U.S. and Israel have launched attacks on Iran, targeting its highest leaders. The U.S. is planning a multi-day operation, with economic issues being a key focus in recent political discussions [4]. - The market may continue to digest emotional disturbances in the short term, but the long-term supportive factors remain unchanged [4].