［5月23日］指数估值数据(关税导致全球波动；港股医药估值如何；领取3周年奖章；港股估值表更新；抽奖福利)

Core Viewpoint - The article discusses the fluctuations in the stock market, particularly focusing on the performance of the Hong Kong stock market and the pharmaceutical sector, while also addressing the impact of tariff announcements by former President Trump on global markets. Group 1: Market Performance - The stock market experienced a rise in the morning but turned to a decline by the afternoon, with both large and small-cap stocks showing similar minor declines [1][4][5] - The pharmaceutical and medical sectors remained relatively strong, showing slight increases [6] - The Hong Kong stock market also saw a decline in the afternoon but rebounded towards the end of the trading session, with overall slight gains [7][8] Group 2: Global Market Influences - Global markets have shown volatility, particularly following Trump's announcement of increased tariffs on European goods, which led to significant drops in European stock indices [12][13] - The U.S. stock market also experienced fluctuations after the announcement, reflecting a broader trend of market instability due to tariff concerns [14][15] - The increase in tariffs could potentially lead to higher inflation rates in the U.S., affecting the Federal Reserve's interest rate decisions [18] Group 3: Hong Kong Pharmaceutical Sector - The article highlights the performance of the Hong Kong pharmaceutical sector, noting that it has outperformed the A-share market, with the Hang Seng Index rising by 20% compared to A-share indices since the Lunar New Year [34] - The article provides insights into the valuation of pharmaceutical stocks in both A-shares and Hong Kong, indicating that many A-share pharmaceutical stocks are still at historical lows, while Hong Kong stocks are closer to normal valuation levels [42][43] - The article includes a valuation table for various indices, showing metrics such as price-to-earnings ratios and dividend yields for the Hong Kong healthcare sector [36][40][41]