港股市场估值周报 2025.11.10-2025.11.16-20251118

Valuation of Hong Kong Stock Market - The report analyzes the valuation of major indices in the Hong Kong stock market, including the Hang Seng Composite Index (HSCI), Hang Seng Index (HSI), and Hang Seng Tech Index (HSTECH) [8][12][16]. - The report highlights that no industries are currently undervalued with a PE valuation percentile below 20% [23]. - Industries with PE valuation percentiles below 50% include Consumer Discretionary, Consumer Staples, Information Technology, and Utilities [23]. Industry Valuation Levels - The report presents the PE (TTM) and PB (LF) valuation levels of various industries since early 2018 [23][27]. - Industries with relatively high PE valuation percentiles (above 50%) include Energy, Materials, Healthcare, Industrials, Financials, and Telecommunications [23]. - For PB valuation, Utilities and Real Estate are the only sectors with percentiles below 50% [23]. AH Share Premium/Discount Levels - The report includes an analysis of the Hang Seng AH Share Premium Index, indicating trends in premium levels over time [33]. - The average value and standard deviations of the AH Share Premium Index are provided, showing fluctuations from June 2020 to June 2025 [33].