［7月18日］指数估值数据(市场继续上涨；港股科技、医药估值如何；抽奖福利）

Core Viewpoint - The article discusses the recent strong performance of both A-shares and Hong Kong stocks, highlighting the recovery of the Hong Kong market after a period of decline, driven by various factors including policy support and earnings recovery in key sectors [1][10][18]. Group 1: Market Performance - Both A-shares and Hong Kong stocks have shown strong upward trends, with Hong Kong stocks outperforming A-shares [1][6]. - Large-cap stocks have seen slightly more significant increases compared to small-cap stocks, with both value and growth styles experiencing gains [3][4]. - Key sectors such as consumer and technology have demonstrated robust performance [5][6]. Group 2: Historical Context - The Hong Kong market faced significant declines in 2021-2022, being one of the worst-performing markets globally, with the Hang Seng Index dropping from 33,484 points to a low of 14,597 points, a decline of 56% [13][16][17]. - Contributing factors included aggressive interest rate hikes by the Federal Reserve, fears surrounding Chinese companies listed in the U.S., and a general downturn in corporate earnings [14][15]. Group 3: Recovery Factors - The recovery of the Hong Kong market is attributed to several factors, including the Federal Reserve entering a rate-cutting cycle, which benefits RMB-denominated assets [18]. - Economic stimulus policies introduced in the past year have provided stronger support compared to previous years [19]. - The market is primarily driven by institutional investors who require visible signs of earnings growth before stock prices rise, which has been observed in sectors like technology and pharmaceuticals [20][21]. Group 4: Valuation and Investment Opportunities - Following the recent uptrend, some sectors are returning to normal valuation levels, particularly in technology and pharmaceuticals [23][24]. - The article emphasizes the importance of identifying undervalued opportunities in the market, especially in the context of potential volatility [31]. - A valuation table for various Hong Kong indices is provided, indicating current price-to-earnings ratios and other metrics for reference [32].