Core Viewpoint - The Hong Kong stock market is expected to undergo a three-phase evolution: "short-term emotional shock → mid-term fundamental transmission → long-term structural differentiation" if a prolonged conflict occurs between the US and Iran. The macroeconomic environment is characterized by "low growth, high interest rates, and persistent inflation," but the valuation advantage, high dividend characteristics, and support from southbound funds provide relative resilience for Hong Kong stocks among non-US assets [1][3]. Market Performance - During the week from March 16 to March 20, Hong Kong's three major indices all declined: the Hang Seng Index fell by 0.74%, the Hang Seng Tech Index dropped by 2.12%, and the Hang Seng China Enterprises Index decreased by 1.12% [2]. - Among sectors, three industries saw gains while eight experienced declines. Notably, the industrial sector rose by 2.54%, the financial sector increased by 1.71%, and the energy sector grew by 0.96%. Conversely, materials fell by 10.09%, communication services dropped by 3.7%, and information technology decreased by 3.19% [2]. Liquidity Analysis - The average daily trading volume on the Hong Kong Stock Exchange was HKD 284.51 billion, a decrease of HKD 8.92 billion from the previous week [2]. - Southbound funds recorded a net outflow of HKD 6.329 billion, a significant reduction of HKD 58.769 billion compared to the previous week's net inflow [2]. - As of March 18, global active foreign funds experienced a net outflow of USD 1.28 million from Hong Kong stocks, while passive foreign funds saw a net outflow of USD 2.04 million, marking an increase in outflows compared to the previous week [2]. Valuation and Risk Preference - As of March 20, 2026, the Hang Seng Index's PE and PB ratios were 12.38 times and 1.27 times, respectively, placing them at the 81% and 63% percentile levels since 2010 [3]. - The 10-year US Treasury yield rose by 11 basis points to 4.39%, with the Hang Seng Index's risk premium at 3.69%, which is -1.82 standard deviations from the 3-year rolling mean, positioning it at the 2% percentile since 2010 [3]. - The Hang Seng Stock Connect AH premium index decreased by 2.36 points to 119.81, which is at the 16.60% percentile level since 2014 [3]. Investment Strategy - Three main investment lines are recommended: 1. **Cyclical Sector**: Focus on traditional energy resources like oil, natural gas, and coal, as well as precious metals and key metals related to military and hard technology [4]. 2. **Financial and Consumer Discretionary Sectors**: The financial sector is currently at historical low valuations, providing a significant margin of safety. Consumer discretionary is expected to benefit from recovery and is seen as a defensive growth sector amid geopolitical disturbances [4]. 3. **Technology Sector**: Emphasis on hard technology with self-controllable logic, particularly in AI, semiconductors, electronics, and communications, which are expected to show strong resilience amid external uncertainties [4].

#行情 港股主要指数午后拉升，恒生指数涨幅扩大至1%，恒生科技指数涨1.24%，保险、贵金属、半导体概念股普涨。 https://t.co/C5ZrIVLZJe ...

Group 1 - The Hang Seng Index closed at 25,697.57 points, down 1.27% [1] - The Hang Seng Tech Index closed at 5,880.5 points, down 2.12% [1] - The household appliances and oil & gas sectors led the gains, while gold & precious metals, general metals & mining, and specialty retail sectors faced declines [1]

#行情 恒生指数周五收跌2.5%，创4月7日以来最大单日跌幅。外汇交易员 (@myfxtrader):#行情 陆港两地股市低开低走，深证成指跌2%，上证综指跌0.8%，4000股下跌。恒生指数跌1.3%，科技指数跌2.5%。 https://t.co/1R7ejoEW6R ...

#行情 上证指数跌幅扩大至1%，回落至3900点下方。创业板指跌4.29%，科创50指数跌超5%。恒生指数跌1.6%，恒生科技指数跌3%。 https://t.co/4IThMt2EEs ...

#行情 深证成指跌超2%。 https://t.co/FNCu8WTdhF外汇交易员 (@myfxtrader):#行情 沪港两地股市早间走低，上证综指跌超1%回落至3800点下方。恒生指数跌1%，恒生科技指数跌2.2%。 ...

#行情 A股调整幅度加大，上证综指跌幅一度触及2%后反弹，深证成指最深跌2.6%，创业板指最深跌3.7%。 https://t.co/j9CpcCLvr4外汇交易员 (@myfxtrader):#行情 上证综指跌0.8%，深证成指跌0.56%，创业板指跌0.63%。恒生指数跌0.24%，恒生科技指数跌0.1% https://t.co/x5kzsgtZEL ...

Market Performance - The Shanghai Composite Index fell by 0.8% [1] - The Shenzhen Component Index fell by 0.56% [1] - The ChiNext Index fell by 0.63% [1] - The Hang Seng Index fell by 0.24% [1] - The Hang Seng Tech Index fell by 0.1% [1] Regulatory Measures (A-Share Market) - Chinese financial regulators are considering measures to cool the stock market, including potentially removing some short-selling restrictions [2] - Regulators are also considering controlling speculative trading due to concerns about significant reversals potentially causing substantial losses for retail investors [2]

#行情 目前上证综指跌幅扩大至1%，深证成指跌0.7%，沪深300指数跌0.8%。恒生指数跌0.24%，恒生科技指数跌0.45%。 https://t.co/PmtLzaztDC ...

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇9月2日｜恒生科技指数跌逾1%。 | 恒生指数 | | 25552.30 | -65.12 | -0.25% | | --- | --- | --- | --- | --- | | 800000 | | | | | | 国企指数 | | 9114.92 | -6.95 | -0.08% | | 800100 | | | | | | 恒生科技指数 | N | 5735.37 | -63.59 | -1.10% | | 800700 | | | | | ...