［9月19日］指数估值数据(港股牛市上涨，跟A股有啥区别；自动止盈功能上线；港股指数估值表更新；抽奖福利）

Core Viewpoint - The article discusses the performance and outlook of the Hong Kong stock market, particularly focusing on the technology sector, and highlights the differences in investor behavior between Hong Kong and A-shares [8][10][12]. Group 1: Market Performance - The overall market showed slight declines, with large-cap stocks slightly up and small-cap stocks slightly down, indicating low volatility [2][3]. - Value style stocks experienced an overall increase, while growth style stocks also saw minor gains [3][5]. - The Hong Kong stock market showed mixed results, with technology stocks leading the gains [7][8]. Group 2: Investor Behavior - The investor structure in Hong Kong is different from that in A-shares, with a higher proportion of institutional and Western investors who prefer large and mid-cap stocks [10][11]. - Historically, during bull markets, large and mid-cap stocks in Hong Kong tend to rise significantly, while small-cap stocks do not see as much upward movement [12][14]. Group 3: Technology Sector Analysis - The Hong Kong Technology Index fell nearly 70% from 2021 to 2022 due to several factors, including rising USD interest rates and concerns over the delisting of Chinese stocks from US exchanges [21][22][23]. - The technology sector's earnings declined for two consecutive years, leading to a bear market characterized by both valuation drops and profit declines [25]. - By 2023, the earnings of Hong Kong technology stocks stabilized, and by 2024, profits grew over 110% year-on-year, indicating a recovery phase [26][31]. Group 4: Sector Performance and Valuation - The most prosperous sectors in Hong Kong this year are technology and pharmaceuticals, both showing over 100% year-on-year profit growth in Q1 [40][41]. - The Hang Seng Consumer Index also saw a profit increase of over 20%, outperforming A-share consumer stocks [44][45]. - The article provides valuation data for various indices, indicating that the Hong Kong market has returned to a more favorable valuation compared to A-shares [52][53]. Group 5: Market Cycles and Investment Strategy - The article emphasizes that market cycles are crucial; strong fundamentals lead to higher valuations, while weak fundamentals can result in undervaluation opportunities [50][51]. - The article suggests monitoring quarterly earnings reports to gauge the potential for further increases in the Hong Kong Technology Index [35][36].