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[6月9日]指数估值数据(A股港股上涨,科技医药强势;月薪宝发薪日;黄金星级更新)
银行螺丝钉·2025-06-09 13:56

Core Viewpoint - The article discusses the recent performance of A-shares and Hong Kong stocks, highlighting the recovery in earnings and the potential for further growth in the market. Group 1: Market Performance - The overall market has seen an increase, reaching close to 4.9 stars, with a slight pullback at the close but still maintaining a 5-star rating [1][2] - Both large-cap and small-cap stocks have experienced gains, with the Shanghai and Shenzhen 300 index showing a slight increase while small-cap stocks have risen more significantly [3][4] - The pharmaceutical and technology sectors have led the gains in both A-shares and Hong Kong stocks [5][6] Group 2: Earnings Growth - In the first quarter of this year, there has been a notable improvement in earnings data for both A-shares and Hong Kong stocks, with the Shanghai and Shenzhen 300 index showing a year-on-year earnings growth of approximately 4-5% and the Hang Seng index showing around 16% [11] - The gap in performance between A-shares and Hong Kong stocks widened after the Spring Festival, with Hong Kong stocks rising about 20% more than A-shares [14] - The recovery in earnings is primarily driven by large-cap companies in Hong Kong, while smaller stocks have seen a decline in earnings [24][25] Group 3: Valuation and Market Dynamics - The article notes that both A-shares and Hong Kong stocks were at historically low valuation levels around 5.9 stars last year, and the current valuations are still relatively low [12][29] - The market has been in a sideways trend for about six months, with A-shares fluctuating around the 5-star mark due to low valuations and lack of earnings growth [22][21] - The potential for upward movement in A-shares is contingent on a recovery in earnings growth, which has shown early signs in the first quarter [32][30] Group 4: Future Outlook - The article suggests that A-shares may follow a similar upward trend as Hong Kong stocks, as historically, similar types of stocks tend to have comparable long-term returns [26] - The current low valuation of A-shares indicates limited downside risk, and patience is advised while waiting for earnings growth to materialize [29][30] - If the earnings growth accelerates in the second and third quarters, it could positively impact the A-share index [33]