外需波动叠加国内政策利好，港股市场震荡向上

Group 1: Market Overview - The Hong Kong stock market has shown an upward trend, with the Hang Seng Index achieving a 1.10% increase and the Hang Seng China Enterprises Index rising by 1.36% during the week from May 19 to May 23, marking seven consecutive weeks of gains for the Hang Seng Index [2][4]. - Among the sectors, nine industries saw gains while two experienced declines, with healthcare, industrials, and materials leading the increases at 9.54%, 6.09%, and 6.02% respectively [7][10]. Group 2: Fund Flow and Liquidity - The average daily trading volume on the Hong Kong Stock Exchange was HKD 201.79 billion, a decrease of HKD 29.48 billion from the previous week, while the average daily short-selling amount rose to HKD 23.32 billion, an increase of HKD 0.27 billion [13][14]. - Southbound capital recorded a net inflow of HKD 18.96 billion, which is an increase of HKD 27.64 billion compared to the previous week [14]. Group 3: Valuation and Risk Premium - As of May 23, the price-to-earnings (PE) and price-to-book (PB) ratios for the Hang Seng Index were 10.54 times and 1.1 times, respectively, reflecting increases of 1.19% and 1.18% from the previous week, placing them at the 71st percentile since 2019 [19][28]. - The risk premium for the Hang Seng Index was calculated at 4.97%, which is at the 10th percentile since 2010, indicating a relatively low risk appetite in the market [21][28]. Group 4: Investment Outlook - The report suggests focusing on sectors that are benefiting from accelerated domestic R&D, particularly in technology, as well as those that may gain from improved Sino-U.S. relations, including durable consumer goods, defense, home appliances, and pharmaceuticals [39]. - The current valuation of the Hong Kong stock market is at a historical average level, indicating potential for future growth as domestic monetary policies take effect [39].