港股市场估值周报-20251210

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, Industrials, Healthcare, Financials, and Telecom Services [23]. - For PB valuation, industries with percentiles below 50% include Consumer Staples, Information Technology, Utilities, and Real Estate [23]. AH Share Premium/Discount Levels - The report includes the Hang Seng AH Share Premium Index, which tracks the premium or discount of AH shares over time [31]. - The index shows fluctuations in premium levels, with historical averages and standard deviations provided for context [33].