［10月31日］指数估值数据(大盘下跌；三季报里的公司盈利如何；港股指数估值表更新；抽奖福利）

Core Viewpoint - The overall market is experiencing a decline, particularly in large-cap stocks, with the CSI 300 index down by 1.47%. The recent rapid rise in the ChiNext and STAR Market has led to a correction, despite the underlying financial reports being solid [2]. Market Performance - The ChiNext and STAR Market saw significant declines after reaching overvalued levels, with the ChiNext rising 50% in Q3, marking the second-fastest quarterly increase in its history [2]. - Small-cap stocks are generally rising, indicating a rotation in market styles, while sectors like consumer and healthcare are seeing gains, contrasting with declines in most other industries [2]. Q3 Earnings Reports - Q3 earnings reports show an improvement in year-on-year profit growth for A-share companies compared to Q1 and Q2, contributing to the market's rise in August and September [2]. - The earnings reports can be categorized into three tiers: - First Tier: Strongest profit growth and highest valuations, primarily in technology [2]. - Second Tier: Stable profit growth, including sectors with consistent free cash flow and dividends, showing a slow bull market trend [2]. - Third Tier: Real estate and consumer sectors, where profit growth has declined, with some leading consumer companies reporting significant year-on-year profit drops [2][3]. Recovery Patterns - Some consumer companies are experiencing significant profit declines in Q3, which may lead to a recovery in 2026 as the lower base makes it easier to show year-on-year growth [3][18]. - The technology and healthcare sectors have shown similar recovery patterns, with technology stocks rebounding significantly after a period of profit decline [4][10][12]. Investment Strategy - The market's volatility suggests a cautious approach to investment, with recommendations to maintain sector exposure within 15-20% for stability [21]. - The focus should be on buying during downturns and selling during peaks, with patience emphasized during uncertain periods [24]. Valuation Insights - The article provides a valuation summary for various Hong Kong stock indices, indicating that the Hong Kong market has outperformed A-shares this year, returning to a higher valuation level [25][27].