长城策略周观点：风格有望走向科技和价值的均衡-2025-03-18

Group 1 - The report indicates that the Hang Seng Technology Index has room for upward valuation recovery, with a current PE_TTM of 24.96, which is still below historical levels, suggesting potential for further recovery [1][10][13] - The report highlights that Chinese T10 technology stocks exhibit significant valuation advantages compared to US M7 stocks, with five companies having PE below 20 and five having PEG below 1, indicating attractive valuation characteristics for Chinese tech stocks [1][13][29] - The report notes that the average daily trading volume of the Hang Seng Technology Index has increased significantly, indicating a potential systemic uplift in turnover rates, which may alleviate short-term market congestion [2][15][16] Group 2 - The report discusses a balanced market style shift towards technology and value, driven by favorable policies aimed at expanding domestic demand and boosting consumer confidence, particularly in the consumer and financial sectors [3][30][32] - The report emphasizes that recent policies from the Chinese government focus on enhancing consumption and domestic demand, which are expected to positively impact sectors such as large consumption and financial services [30][31][32] - The report suggests that the revaluation of Chinese assets is likely to continue, with previously underperforming value sectors expected to see further recovery opportunities [3][32][33] Group 3 - The report identifies key focus areas, including sectors benefiting from domestic demand policies such as large consumption and financial services, as well as the ongoing revaluation of core AI assets in China [4][33] - The report anticipates that external factors, such as favorable exchange rates, will support capital inflows into Hong Kong stocks, particularly in the Hang Seng Technology and Consumption indices [6][33] - The report indicates that the liquidity environment for the Hang Seng Technology Index is expected to remain positive, supported by declining US Treasury yields and increasing southbound capital inflows [2][25][24]