港股市场周观察：政策预期提振港股行情

Market Performance - The Hang Seng Index rose by 2.28%, the Hang Seng Tech Index increased by 2.55%, and the Hang Seng China Enterprises Index gained 2.73% this week[1] - All Hang Seng composite industry indices experienced gains, with Information Technology, Conglomerates, and Energy sectors leading with increases of 4.73%, 4.48%, and 4.15% respectively[1] Liquidity and Capital Flows - Southbound capital inflow amounted to HKD 18.283 billion this week, with the financial sector receiving HKD 6.156 billion, non-essential consumption HKD 4.775 billion, and industrials HKD 2.534 billion[1] - The average daily trading volume on the Hong Kong Stock Exchange was HKD 135.269 billion, a decrease of HKD 2.004 billion from the previous week[1] Valuation Metrics - The PE ratio of the Hang Seng Index is 9.04, positioned at the 21.08 percentile since 2010, while the PB ratio is 0.94, at the 14.28 percentile[1] - The risk premium of the Hang Seng Index relative to 10-year US Treasury bonds is 6.91%, at the 38.42 percentile since 2010[1] AH Premium - The AH premium index for the Hang Seng and Shanghai-Hong Kong Stock Connect decreased by 2.22 points to 146.35, remaining at the 89 percentile historically since 2014[1] - The average premium rate for A-shares is 104.79%, up by 0.4 percentage points from last week[1] Economic Outlook - The potential for a December interest rate cut by the Federal Reserve has slightly increased, but this does not change the long-term trend of a slowing rate cut pace[1] - The upcoming Central Political Bureau meeting and Central Economic Work Conference are expected to reinforce growth-stimulating policies, which could positively impact the market[1] Investment Opportunities - The technology sector continues to present high investment opportunities, particularly in self-sufficient areas[1] - Consumer stocks in Hong Kong, currently at relatively low valuation levels, are expected to rise due to domestic demand and consumption policies[1]