［6月27日］指数估值数据(港股医药回低估了么；港股估值表更新；抽奖福利）

Core Viewpoint - The article discusses the current market trends, focusing on the performance of various sectors, particularly technology and healthcare, and the valuation of indices in the Hong Kong stock market. Group 1: Market Performance - The overall market showed little fluctuation, closing at 4.9 stars [1] - Major indices like the CSI 300 experienced slight declines, while the CSI 500 and CSI 1000 saw minor increases [2] - The banking index, which had previously surged, faced significant declines, impacting large-cap stocks, alongside a downturn in the consumer sector [3] - Technology and healthcare sectors experienced overall gains [4] - The Hong Kong stock market exhibited minimal volatility [5] Group 2: Healthcare Sector Analysis - The Hong Kong healthcare index has recently corrected after a period of high growth, returning to normal valuation levels [6][31] - The healthcare industry is categorized into three common sub-sectors: medical services, biotechnology, and innovative pharmaceuticals [6] - Medical services include hospitals and medical devices, while biotechnology focuses on gene diagnostics and biopharmaceuticals [6][7] - The innovative pharmaceuticals sector primarily involves drug development, with many companies operating in both biotechnology and innovative pharmaceuticals [7] Group 3: Valuation Trends - The article outlines a "smile curve" concept, indicating that during periods of slowing growth or declining profits, valuations and stock prices tend to decrease [17] - The Hong Kong technology sector was the first to enter a recovery phase, with significant profit growth observed in 2024 after a steep decline of over 60% from 2021 to 2022 [19][20] - The healthcare sector followed a similar recovery pattern, with profit growth resuming in late 2023 and early 2024, leading to an increase in valuations [23] - The Hang Seng Index reported a 16% year-on-year profit growth in Q1 2024, indicating a dual effect of performance recovery and valuation increase [24] Group 4: Future Outlook - If the Hong Kong market maintains similar profit growth rates in Q2 as in Q1, further increases in stock prices may be anticipated [25] - The A-share market is expected to enter a recovery phase, albeit later than the Hong Kong market, with profit growth also observed in Q1 2024 [27][28] - Long-term projections suggest that returns from A-shares and Hong Kong stocks will be comparable, despite differing phases of market movements [30] Group 5: Index Valuation - After recent short-term increases, both the Hong Kong technology and healthcare sectors have returned to normal valuation levels, though they are not far from being undervalued [31][32] - A valuation table for Hong Kong indices is provided, indicating various metrics such as P/E ratios and dividend yields [36][37]