港股市场速览：场温和回升，概念与行业分化
Guoxin Securities·2025-12-27 13:57

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Views - The market has shown a mild recovery with differentiation among concepts and industries, as evidenced by the Hang Seng Index increasing by 0.5% and the Hang Seng Composite Index by 0.4% [1] - There is a notable divergence in performance among major concept indices, with the Hang Seng Automobile index rising by 0.6% and the Hang Seng Biotechnology index declining by 2.1% [1] - Overall, 20 industries experienced gains while 8 saw declines, with notable increases in sectors such as non-ferrous metals (+4.4%) and construction materials (+2.9%) [1] Summary by Relevant Sections Market Performance - The Hang Seng Index rose by 0.5% this week, while the Hang Seng Composite Index increased by 0.4% [1] - Small-cap stocks outperformed mid and large-cap stocks, with the Hang Seng Small Cap Index up by 0.6% [1] - The report highlights a mixed performance across major concept indices, with the Hang Seng Automobile index up by 0.6% and the Hang Seng Biotechnology index down by 2.1% [1] Valuation Levels - The valuation of the Hang Seng Index slightly decreased by 0.1% to 11.6x, while the Hang Seng Composite Index's valuation increased by 0.1% to 11.4x [2] - Most major concept indices saw an increase in valuation, particularly the Hang Seng Biotechnology index, which rose by 3.1% to 27.2x [2] - A total of 19 industries saw an increase in valuation, with significant gains in sectors like electric power equipment and new energy (+13.1%) and non-ferrous metals (+3.4%) [2] Earnings Expectations - The earnings per share (EPS) for the Hang Seng Index increased by 0.4% compared to the previous week, while the Hang Seng Composite Index's EPS rose by 0.2% [3] - The report indicates that 22 industries had upward revisions in EPS, with steel (+2.5%) and defense industry (+2.3%) showing notable increases [3] - Conversely, some sectors like electric power equipment and new energy saw a downward revision of EPS by 10.7% [3]