港股市场估值周报-20251230

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) and the Hang Seng Index (HSI) [9] - The Hang Seng Technology Index (HSTECH) is also evaluated for its current valuation status [17] Industry Valuation Levels - The report presents the PE (TTM) valuation levels of various industries since early 2018, indicating that the utility sector is undervalued, with a PE valuation percentile below 20% [24] - Industries with PE valuation percentiles below 50% include consumer discretionary, consumer staples, healthcare, information technology, and utilities [24] - High valuation industries (above 50%) include energy, materials, industrials, financials, and telecommunications [24] - The report also examines PB (LF) valuation levels, noting that no industry is undervalued (PB percentile below 20%) [28] - Industries with PB valuation percentiles below 50% are consumer staples, information technology, utilities, and real estate [28] - High valuation industries (above 50%) in terms of PB include energy, materials, industrials, consumer discretionary, healthcare, financials, and telecommunications [28] AH Share Premium/Discount Levels - The report includes an analysis of the Hang Seng AH Share Premium Index, tracking its performance over time [34] - The average value and standard deviations of the AH share premium are also presented, indicating fluctuations in premium levels [34]