港股进入牛市

Core Viewpoint - The Hong Kong stock market has entered a technical bull market, with the three major indices (Hang Seng, Hang Seng Tech, and Hang Seng China Enterprises) rebounding over 20% from their April lows, and all showing year-to-date gains exceeding 20% [1][2]. Group 1: Market Performance - The year-to-date performance of the three indices is as follows: Hang Seng Index +20.55%, Hang Seng Tech Index +21.60%, and Hang Seng China Enterprises Index +20.44% [2]. - The median increase across 28 industry indices in the Hang Seng is around 10%, with sectors like pharmaceuticals, technology, and new consumption leading the gains [4]. Group 2: Economic Cycles - Key economic cycles influencing the market include unprecedented low interest rates and policy easing for insurance capital equity investments, which have been discussed extensively [6]. - The rebound in the platform economy and supportive policies for the home appliance sector have benefited major internet companies like Xiaomi and JD.com, while companies like Pinduoduo have struggled due to lack of support [4]. Group 3: Sector Analysis - The biotechnology index has seen significant gains, with the Hong Kong-listed biotechnology index up by 55.17%, and other indices like the new economy index and technology index also showing strong performance [5]. - The previous bull market from early 2019 to early 2021 was characterized by a surge in technology stocks, while the current market is more balanced across various sectors, including new consumption and innovative pharmaceuticals [7]. Group 4: Investment Insights - Recent trends indicate a strong performance in the AI sector, particularly in the ChiNext AI index, which has outperformed the Sci-Tech Innovation Board AI index [21][25]. - The recent surge in the innovative pharmaceutical sector is attributed to government policies aimed at improving public health and accelerating the approval of innovative drugs [27]. Group 5: International Relations and Market Sentiment - Ongoing discussions between the US and China are progressing, particularly regarding rare earth exports, which have seen a month-on-month increase of nearly 23% [29]. - The overall market sentiment is improving, with the S&P 500 reaching 6000 points, indicating a rise in global risk appetite [30].