智通财经APP获悉，兴业证券发布研报称，长期继续坚定看多做多港股。全球投资者特别是中国投资者 对于中国股市的牛市思维正在持续增强。兴业证券维持此轮港股行情将走出超级长牛的判断。中短期， 维持下半年港股行情震荡向上，持续创新高的判断。美联储降息可能只是时间问题，聚焦联储降息和美 元走软对港股流动性的进一步刺激动能。 一、7月全球及港股市场表现回顾 7月全球大类资产表现中，中国股市涨幅居前，上证指数、恒生指数、恒生科技指数在全球股指表现中 涨幅靠前。 结构：港股医疗保健行业领涨，中小型股表现优于大型股。7月恒生指数上涨2.9%，恒生科技指数上涨 2.8%。行业上，7月港股主要行业均上涨，医疗保健业（+22.8%）、工业（+9.9%）、能源业 （+9.7%）领涨；风格上，中小型股表现优于大型股。 估值：截至7月31日，恒生指数预测PE为11.3倍，接近近10年的平均数水平；PB为1.18x，接近近10年以 来的均值+1倍标准差水平；以中国10年期国债收益率衡量的恒生指数风险溢价为7.1%，处于近10年以 来的均值与均值+1倍标准差之间。 资金：南下资金年度净流入、月度成交占比创历史新高；国际中介机构持股占比回升。1 ...

Group 1 - The core viewpoint of the article highlights that the current valuation of the technology sector is at approximately 50% or below historical levels, with certain segments like semiconductor materials and emerging technologies showing higher valuations compared to their three-year history [1] - The Pacific Securities report indicates that the PB-ROE values for the Sci-Tech 50 and growth style are the lowest, suggesting that investors are paying the least growth premium for these sectors, which implies a higher margin of safety [1] - Recent performance shows that industries such as pharmaceuticals, communications, and media have seen significant gains, while the computer industry has experienced the largest downward adjustment in profit expectations [1] Group 2 - The Sci-Tech 100 ETF (588120) tracks the Sci-Tech 100 Index (000698), which includes 100 securities with larger market capitalization and better liquidity from the Sci-Tech board, covering strategic emerging industries like new-generation information technology and biomedicine [1] - The index can experience daily fluctuations of up to 20%, reflecting the overall performance of leading technology innovation companies in the Sci-Tech board market [1] - Investors without stock accounts are advised to consider the Guotai CSI Sci-Tech 100 ETF Initiated Link A (019866) and Guotai CSI Sci-Tech 100 ETF Initiated Link C (019867) [1]