外需波动叠加国内政策利好、港股市场震荡向上

Group 1 - The report indicates that the Hong Kong stock market is experiencing upward fluctuations due to external demand volatility combined with favorable domestic policies [1][2] - The Hang Seng Index has achieved a continuous increase for seven weeks, with a rise of 1.10% during the week of May 19 to May 23, 2025 [4][2] - The healthcare, industrial, and materials sectors showed significant gains, with increases of 9.54%, 6.09%, and 6.02% respectively, while daily consumer and real estate sectors declined [7][2] Group 2 - The report highlights that the average daily turnover on the Hong Kong Stock Exchange was HKD 201.79 billion, a decrease of HKD 29.48 billion from the previous week [13][2] - Southbound funds recorded a net inflow of HKD 18.96 billion, an increase of HKD 27.64 billion compared to the previous week [14][2] - The report notes that the valuation of the Hang Seng Index has risen, with a PE ratio of 10.54 and a PB ratio of 1.1, both at the 71st percentile level since 2019 [19][2] Group 3 - The report suggests that the current valuation of the Hong Kong stock market is at a historical average level, and it recommends focusing on sectors such as technology, which is advancing in self-research and development [39][2] - It also points out that sectors benefiting from improved Sino-US relations, including durable consumer goods, defense, and household products, should be monitored [39][2] - The report emphasizes the potential of sectors that may benefit from new regulations on major asset restructuring, particularly state-owned enterprises and technology companies [39][2]