非银金融行业港股市场月度跟踪（24年10月）：估值回调，分子端预期持续改善，看好港股中长期配置价值

Investment Rating - The report assigns an "Overweight" rating to the non-bank financial sector, indicating a positive outlook for long-term investment in Hong Kong stocks [1]. Core Insights - The report highlights a valuation correction in the Hong Kong stock market, with expectations for continued improvement in the numerator, suggesting a favorable long-term allocation value [1]. - The report notes significant improvements in trading activity and liquidity in the Hong Kong market, with a monthly average daily turnover (ADT) of HKD 2,550 billion in October 2024, representing a month-on-month increase of 51% [1][9]. - The report emphasizes the importance of the interconnection mechanism established between mainland China and Hong Kong, which has seen substantial growth in cross-border trading and capital flows [1]. Summary by Sections Market Overview - In October 2024, the Hong Kong stock market experienced a notable increase in trading volume, with a northbound ADT of RMB 2,701 billion (up 108% month-on-month) and a southbound ADT of HKD 1,015 billion (up 64% month-on-month) [1][12]. - The report mentions that the number of new IPOs in October 2024 was eight, raising a total of HKD 131.5 billion, which is a decrease of 51% month-on-month [1][19]. Valuation Metrics - The Hang Seng Index's current price-to-earnings (PE) ratio is reported at 8.83x, which is in the 14.78% percentile over the past ten years, indicating a low valuation compared to historical levels [1][4]. - The risk premium for the Hang Seng Index is noted to be in the 39.35% percentile over the past decade, suggesting a favorable risk-return profile for investors [1][4]. Investment Recommendations - The report recommends buying shares of Hong Kong Exchanges and Clearing, China Aircraft Leasing, and AIA Group, citing their high sensitivity to earnings rates and strong performance potential [1].