到83.7%及21.7%，PE处于七年来43.1%分位数，相关板块短期会有较高的超额收益

Market Overview - The Hang Seng Index rose 2.8% last week, closing at 24,825 points, while the Hang Seng Tech Index increased by 5.5% to 5,538 points, breaking out of a stagnation since May[1] - Average daily trading volume decreased by 3.1% to over HKD 246.6 billion, but remains at an active level, with a net inflow of HKD 22.5 billion through the Stock Connect[1] - The real estate sector was the only sector to decline, while healthcare, consumer discretionary, and materials sectors rose by 12.1%, 6.1%, and 3.7% respectively[1] Sector Performance - The information technology sector is expected to see earnings growth of 27.3% and 17.4% over the next two years, with a PE ratio at the 37.5th percentile over the past seven years[1] - The healthcare sector is projected to grow earnings by 83.7% and 21.7% in the next two years, with a PE ratio at the 43.1st percentile, indicating potential for high excess returns in the short term[1] Economic Indicators - China's GDP growth for Q2 2025 is expected to be 5.2%, with a 5.3% growth for the first half of the year, exceeding expectations and potentially reducing the need for aggressive stimulus policies[1] - Despite the Hong Kong Monetary Authority's actions to withdraw HKD from the market, the 1-month HIBOR fell to 1.07%, indicating ample liquidity in the market[1] Investment Strategy - The report suggests maintaining a defensive position in high-dividend sectors such as telecommunications, utilities, and finance, while looking for opportunities in AI computing, semiconductor equipment, and biomedicine[1] - The report highlights the importance of monitoring changes in U.S. Federal Reserve policies and corporate mid-term earnings guidance for future market direction[1] Industry Dynamics - The AI sector saw a significant rise, with the stock of InnoVision (2121 HK) surging 10% to a three-month high, while Fourth Paradigm (6682 HK) raised HKD 1.3 billion for R&D in smart devices and blockchain[2] - In the automotive sector, Great Wall Motors (2333 HK) reported a 1% increase in revenue but a 10.2% drop in net profit for the first half of the year, underperforming compared to peers like Geely (175 HK)[2] Healthcare Sector Insights - The Hang Seng Healthcare Index surged 11.9% last week, driven by the government's initiation of adjustments to the basic medical insurance drug list, which may benefit innovative drugs[3] - The government's new procurement policies are expected to favor high-quality products, potentially improving the operating environment for leading innovative drug companies[12]