港股市场估值周报-20260120

Valuation of Hong Kong Stock Market - The report covers 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 analyzes the price-to-earnings (PE) and price-to-book (PB) ratios across various sectors since early 2018 [23] Sector Valuation Levels - No sectors are currently classified as undervalued with a PE valuation percentile below 20% [23] - Sectors with PE valuation percentiles below 50% include Consumer Discretionary, Consumer Staples, and Utilities [23] - Sectors with relatively high valuations (above 50%) include Energy, Materials, Industrials, Healthcare, Financials, Information Technology, and Telecommunications [23] - No sectors are classified as undervalued with a PB valuation percentile below 20% [23] - Sectors with PB valuation percentiles below 50% include Utilities and Real Estate [23] - Sectors with relatively high PB valuations (above 50%) include Energy, Materials, Industrials, Consumer Discretionary, Consumer Staples, Healthcare, Financials, Information Technology, and Telecommunications [23] AH Share Premium/Discount Levels - The report includes a trend analysis of the Hang Seng AH Share Premium Index over time, indicating fluctuations in premium levels [31]