港股策略月报：2025年11月港股市场月度展望及配置策略-20251105

Group 1 - The overall outlook for the Hong Kong stock market remains cautious but optimistic, with a focus on sectors benefiting from policy support such as new energy, innovative pharmaceuticals, and AI technology [3][6] - The market experienced significant fluctuations in October, with the Hang Seng Index reaching a peak on October 2 before declining due to heightened concerns over US-China trade tensions [4][13] - The Hang Seng Index's price-to-earnings ratio (PE) decreased from 13.18 to 12.76 by the end of October, indicating a drop in market valuation [20][21] Group 2 - The macroeconomic environment shows a weakening fundamental backdrop, with domestic economic data indicating a continued bottoming phase [5][32] - The "14th Five-Year Plan" emphasizes technological innovation and expanding domestic demand, aiming to enhance the internal economic cycle [65] - The Hong Kong market is heavily influenced by external factors, particularly US economic data and Federal Reserve interest rate decisions, which are critical for market sentiment [66][68] Group 3 - In October, southbound capital inflows into the Hong Kong market totaled HKD 92.5 billion, reflecting a strong liquidity support despite a decrease from previous months [25][30] - The financial sector saw significant net inflows, indicating a shift towards defensive investment strategies amid market volatility [25][30] - Key stocks benefiting from this trend included China National Offshore Oil Corporation and China Mobile, which ranked among the top net inflows for the month [30][31]