港股市场估值周报-20260107

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) [7]. - The report highlights that there are no industries with a PE valuation below the 20th percentile, indicating no severely undervalued sectors [23]. - Industries with PE valuations below the 50th percentile include Consumer Discretionary, Consumer Staples, Healthcare, Information Technology, and Utilities [23]. Industry Valuation Levels - The report presents the PE (TTM) valuation levels for various industries, showing that Energy, Materials, Industrials, Financials, and Telecom Services have valuations above the 50th percentile [23]. - For PB (LF) valuations, no industries are below the 20th percentile, with Consumer Staples, Information Technology, Utilities, and Real Estate below the 50th percentile [23]. - Industries with relatively high PB valuations include Energy, Materials, Industrials, Consumer Discretionary, Healthcare, Financials, and Telecom Services, all above the 50th percentile [23]. AH Share Premium/Discount Levels - The report includes an analysis of the Hang Seng AH Share Premium Index, tracking its performance over time [31]. - The index shows fluctuations with an average value and standard deviations noted, indicating the premium or discount levels of AH shares [33].