非银金融行业港股市场月度跟踪（24年09月）：9月港股交投/IPO大幅改善，看好ADT改善驱动港交所24E业绩同比增长

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [1]. Core Insights - The report highlights significant improvements in trading activity and liquidity in the Hong Kong stock market for September 2024, with the average daily trading (ADT) reaching HKD 169.2 billion, a month-on-month increase of 77% [1][12]. - Major stock indices in Hong Kong showed strong performance, with the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index increasing by 17.5%, 33.5%, and 18.6% respectively in September 2024 [1]. - The report notes that the IPO market has also seen a resurgence, with two new IPOs raising HKD 270.8 billion, a 12.1-fold increase month-on-month, primarily driven by the secondary listing of Midea Group [1][16]. Summary by Sections Market Overview - The report provides a monthly tracking of the Hong Kong stock market, indicating a recovery in market sentiment driven by policy support and inflows of domestic and foreign capital [1]. - The average daily turnover for September 2024 was HKD 169.2 billion, with a month-on-month increase of 77%, and the daily turnover rate was 0.46%, up by 15.8 basis points [1][12]. Stock Performance - The report details the performance of major Chinese brokerage stocks, noting significant price increases for firms such as China Merchants Securities and CITIC Securities, with gains of 330% and 217% respectively from September 24 to October 7, 2024 [1][7]. - The report emphasizes the valuation recovery logic for Chinese brokerages, highlighting their long-standing undervaluation and the positive impact of policy-driven market sentiment [1][7]. Valuation Metrics - As of October 14, 2024, the Hang Seng Index's price-to-earnings (PE) ratio was 26.51, indicating potential upward movement as it is below the 10-year average of 35.1 [1][20]. - The report suggests that the market risk premium for the Hang Seng Index is currently at 1.63 times, positioned at the 76.1% percentile over the past decade [1][20]. Investment Recommendations - The report recommends focusing on Hong Kong Exchanges and Clearing (HKEX) due to its sensitivity to liquidity performance, alongside other stocks like Bank of China Aviation Leasing and AIA Group [1][20].