港股策略周报-20251107

Market Overview - The Hong Kong stock market indices experienced a comprehensive decline during the week of October 27 to October 31, 2025, with the Hang Seng Index falling by 0.97%, the Hang Seng China Enterprises Index down by 2.09%, and the Hang Seng Technology Index decreasing by 2.51% [4][9] - The recent monetary policy meeting by the Federal Reserve resulted in a 25 basis point reduction in the federal funds rate target range to 3.75% to 4.00%, marking the fifth rate cut since September 2024 [4][5] Economic Indicators - China's manufacturing PMI for October stood at 49%, a decrease of 0.8 percentage points from September, while the non-manufacturing PMI rose slightly to 50.1%, an increase of 0.1 percentage points [4] - The composite PMI output index was at 50%, down by 0.6 percentage points from the previous month, indicating stable overall economic output [4] Investment Opportunities - The report suggests focusing on investment opportunities in sectors such as consumer electronics, semiconductors, and power equipment, as domestic demand is expected to strengthen in the fourth quarter [4] Market Data - As of October 31, the Hang Seng Index's current PE (TTM) is 11.55 times, positioned around the 68th percentile since January 1, 2007, while the PB ratio is 1.26, around the 55th percentile [6][10][13] - The southbound capital inflow for the week was 27.492 billion HKD, an increase of 10.204 billion HKD compared to the previous week [15][17] Capital Flow - The top five net purchases by southbound funds included the Tracker Fund of Hong Kong at 4.633 billion HKD, Meituan at 1.422 billion HKD, and Hua Hong Semiconductor at 1.346 billion HKD [17] - Conversely, the top five net sales were Alibaba at 3.751 billion HKD, Li Auto at 1.105 billion HKD, and Tencent Holdings at 0.713 billion HKD [17]