港股市场估值周报2025.3.10-2025.3.16-2025-03-17

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Insights - The report analyzes the valuation levels of the Hong Kong stock market, focusing on key indices and industry valuations [4][18]. - It highlights that certain industries are undervalued based on PE and PB ratios, indicating potential investment opportunities [20][24]. Summary by Sections Hong Kong Market Important Index Valuation - The report provides insights into the valuation of major indices such as the Hang Seng Composite Index (HSCI) and the Hang Seng Index (HSI) [6][10]. - It includes data from Wind, indicating the performance and valuation trends of these indices [7][11]. Hong Kong Market Industry Valuation Levels - The report categorizes industries based on their PE (TTM) and PB (LF) valuation levels since early 2018 [21][24]. - Industries with PE valuation below the 20th percentile include daily consumer goods and utilities, suggesting they are undervalued [21]. - Industries with PE valuation below the 40th percentile include energy, consumer discretionary, daily consumer goods, healthcare, and utilities [21]. - Industries with relatively high PE valuations (above 50th percentile) include materials, industrials, information technology, and telecommunications [21]. - For PB valuations, healthcare and utilities are also noted as undervalued, with PB below the 20th percentile [24]. - Other industries with PB below the 40th percentile include daily consumer goods, healthcare, utilities, and real estate [24]. - High PB valuation industries (above 50th percentile) include energy, consumer discretionary, and telecommunications [24]. AH Share Premium/Discount Levels - The report discusses the premium/discount levels of AH shares, providing insights into market dynamics [26][28].