港股三大指数涨幅分化明显，场内热点快速轮动

Group 1 - The Hong Kong stock market showed significant divergence among its three major indices, with the Hang Seng Index rising by 0.27%, the Hang Seng Tech Index increasing by 1.89%, and the Hang Seng China Enterprises Index gaining 0.45% during the week from August 18 to August 22, 2025 [2][4]. - In terms of sector performance, six industries rose while five fell. The leading sectors included consumer discretionary, information technology, and consumer staples, which increased by 2.46%, 2.10%, and 0.96% respectively. Conversely, materials, energy, and utilities saw declines of 2.42%, 1.96%, and 1.50% respectively [5][11]. - The average daily trading volume on the Hong Kong Stock Exchange was HKD 280.46 billion, an increase of HKD 23.61 billion from the previous week, while the average daily short-selling amount rose to HKD 32.33 billion, accounting for 11.61% of the total trading volume [11][15]. Group 2 - As of August 22, 2025, the price-to-earnings (PE) and price-to-book (PB) ratios for the Hang Seng Index were 11.54 times and 1.2 times, respectively, indicating that they are at the 85th percentile level since 2019. The Hang Seng Tech Index had PE and PB ratios of 21.77 times and 3.13 times, respectively, at the 22nd and 67th percentiles [15][26]. - The risk premium for the Hang Seng Index was calculated at 4.4%, which is significantly below the three-year rolling average, indicating a low-risk appetite among investors [17][23]. - The report suggests focusing on sectors with better-than-expected interim performance, sectors benefiting from favorable policies such as the AI industry chain, and high-dividend stocks that can provide stable returns amid uncertainties [35][36].