策略研究·周度报告：港股热点轮动预期加速

Key Points - The report highlights the acceleration of sector rotation expectations in the Hong Kong stock market, indicating a dynamic shift in investment focus [1][2] - The report notes that the performance of the Hong Kong stock market indices has shown slight declines, with the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index dropping by 1.12%, 2.59%, and 0.40% respectively during the week [20][23] - The report emphasizes the importance of upcoming economic data releases and the Federal Reserve's meeting, which are expected to influence market sentiment and investment strategies [46] Domestic Events - In February 2025, the social financing increment in China was reported at 2.23 trillion yuan, an increase of 737.4 billion yuan year-on-year, with government bond financing being a significant contributor [6][8] - The report discusses new policies in Hohhot aimed at promoting population growth and consumption, which have positively impacted the A-share market, particularly in the consumer sector [5] Overseas Events - The report outlines the escalation of global trade tensions, particularly the U.S. imposing a 25% tariff on steel and aluminum imports, which has led to retaliatory measures from trade partners [15][16] - It also mentions the U.S. inflation data, with the Consumer Price Index (CPI) rising by 2.8% year-on-year in February, marking the lowest increase since November of the previous year [16][19] Market Review - The report indicates a decrease in average daily trading volume on the Hong Kong Stock Exchange to 282.43 billion HKD, down by 35.73 billion HKD from the previous week [26] - The report highlights that the Hang Seng Index's price-to-earnings (PE) ratio is at 10.44 times, reflecting a 1.08% decrease from the previous week, and is positioned at the 60th percentile level since 2010 [31][38] Investment Outlook - The report identifies three main investment themes for the Hong Kong market: technology stocks with potential earnings realization, consumer sectors supported by government policies, and high-dividend yield sectors [46] - It suggests that the market may remain volatile and lack sustained momentum until key economic data and policy meetings conclude [46]