港股市场策略周报2026.02.02-2026.02.08-20260210

Market Performance Review - The Hong Kong stock market experienced a general decline this week, with the Hang Seng Composite Index, Hang Seng Index, and Hang Seng Tech Index falling by -3.22%, -3.02%, and -6.51% respectively. The small-cap stocks outperformed, while other styles saw varying degrees of decline, with the Hang Seng Tech Index suffering the most significant drop [3][14] - Among the primary industry sectors, four sectors rose while eight sectors fell, with the Information Technology, Materials, and Consumer Discretionary sectors leading the declines at -7.8%, -6.22%, and -4.55% respectively [3][14] Valuation Levels - As of the end of the week, the five-year PE (TTM) valuation percentile for the Hang Seng Composite Index stood at 88.51%, indicating that the valuation level is close to two standard deviations above the five-year average [3] Macro Environment - The macroeconomic environment indicates that the domestic economy is still in a bottoming phase, with some recovery in economic data. The focus of future policies will be on technological innovation and expanding domestic demand, supported by significant net inflows of southbound capital [4][42] - The recent Central Government document emphasizes ensuring national food security and developing new agricultural productivity, which is expected to positively impact related sectors [4][42] Sector Allocation - The report suggests a favorable outlook for sectors that are relatively prosperous and benefit from policy support, including New Energy, Innovative Pharmaceuticals, and AI Technology. Additionally, low-valuation state-owned enterprises and local Hong Kong banks, telecommunications, and utility stocks are expected to perform well due to their stable earnings and stock prices [4][42]