全球第一！刚刚，港股重磅！

Core Viewpoint - The Hong Kong stock market has shown strong performance in the first half of the year, with significant increases in IPO activities and overall market indices, indicating a positive outlook for the second half of the year [1][3][4]. IPO Market - In the first half of the year, Hong Kong completed 42 IPOs, raising over HKD 107 billion, which is approximately 22% more than the total for the previous year, making it the top global market for IPOs [1][3]. - There has been a rapid increase in IPO applications, with around 200 applications received so far, doubling from the beginning of the year, including interest from companies in the Middle East and Southeast Asia [4]. Market Performance - The Hang Seng Index rose by 20% in the first half of the year, marking the largest increase in points ever recorded for this period [1][3]. - Despite a recent pullback, the absolute valuation of Hong Kong stocks remains relatively low, suggesting strong medium to long-term investment potential [2][7]. Exchange-Traded Products (ETPs) - There are over 210 ETPs listed in Hong Kong, with total managed assets nearing HKD 510 billion, a 30% increase since 2020, and daily trading volume has increased fivefold to approximately HKD 40 billion [5][6]. - The Hong Kong Stock Exchange is actively promoting the listing of various themed ETFs, including those focused on innovative technology, climate change, renewable energy, and biotechnology [6]. Sector Analysis - The technology sector is highlighted as having significant investment value, with strong policy support and growth potential, while consumer sectors are expected to improve due to domestic consumption policies [7][8]. - The Hang Seng Index and Hang Seng Tech Index show attractive valuation metrics, with the former having a TTM P/E ratio of 10.68, indicating a favorable investment environment compared to other major markets [8].