港股市场估值周报 2025.12.29-2025.01.04 | 分析师： | 蒋开来 | | --- | --- | | 中央编号： | BWL381 | | 联系电话： | 852-6430 1060 | | 邮箱： | jiangkl@cnzsqh.hk | 1 目录 2 l 港股市场重要指数估值 l 港股市场各行业估值水平 l AH股溢价/折价水平 港股市场 重要指数估值 3 港股市场重要指数估值-恒生综合指数（HSCI） 资料来源：Wind 5 港股市场重要指数估值-恒生指数（HSI） 港股市场重要指数估值-恒生综合指数（HSCI） 资料来源：Wind 4 资料来源：Wind 6 港股市场重要指数估值-恒生指数（HSI） 资料来源：Wind 7 港股市场重要指数估值-恒生科技指数（HSTECH） 资料来源：Wind 8 港股市场重要指数估值-恒生科技指数（HSTECH） 资料来源：Wind 9 l 港股市场各行业PE估值水平 n 我们选取了2018年初以来的港股市场各个主 要行业的PE (TTM)为样本，来看当下各行 业的估值情况。 l 从PE估值5年历史分位数来看 n 估值分位处于20%以下的低估 ...

港股市场估值周报 2025.12.22-2025.12.28 目录 2 l 港股市场重要指数估值 l 港股市场各行业估值水平 l AH股溢价/折价水平 | 分析师： | 蒋开来 | | --- | --- | | 中央编号： | BWL381 | | 联系电话： | 852-6430 1060 | | 邮箱： | jiangkl@cnzsqh.hk | 1 港股市场 重要指数估值 3 港股市场重要指数估值-恒生综合指数（HSCI） 资料来源：Wind 4 港股市场重要指数估值-恒生综合指数（HSCI） 资料来源：Wind 5 港股市场重要指数估值-恒生指数（HSI） 资料来源：Wind 6 港股市场重要指数估值-恒生指数（HSI） 资料来源：Wind 7 港股市场重要指数估值-恒生科技指数（HSTECH） 资料来源：Wind 9 港股市场重要指数估值-恒生科技指数（HSTECH） 资料来源：Wind 8 港股市场 各行业估值水平 10 港股市场各行业估值水平 资料来源：Wind，浙商国际 11 l 港股市场各行业PE估值水平 n 我们选取了2018年初以来的港股市场各个主 要行业的PE (TTM)为样本，来看 ...

Valuation of Hong Kong Stock Market - The Hang Seng Composite Index (HSCI) and Hang Seng Index (HSI) are key indicators of market valuation[8][12] - The Hang Seng Technology Index (HSTECH) reflects the valuation trends in the tech sector[16][18] Industry Valuation Levels - The PE (TTM) valuation shows that the utilities sector is undervalued, with a percentile below 20%[23] - Consumer discretionary, consumer staples, healthcare, information technology, and utilities are below the 50th percentile in PE valuation[23] - High valuation sectors (above 50%) include energy, materials, industrials, financials, and telecommunications[23] - No sectors are currently undervalued based on PB (LF) valuation, with consumer staples, information technology, utilities, and real estate below the 50th percentile[27] - Energy, materials, industrials, consumer discretionary, healthcare, financials, and telecommunications are above the 50th percentile in PB valuation[27] AH Share Premium/Discount Levels - The Hang Seng AH Share Premium Index shows fluctuations in premium levels over time, with historical averages and standard deviations noted[33]

Valuation of Hong Kong Stock Market - The report analyzes the valuation of major indices in the Hong Kong stock market, including the Hang Seng Composite Index (HSCI), Hang Seng Index (HSI), and Hang Seng Tech Index (HSTECH) [8][12][16]. - The report highlights that no industries are currently undervalued with a PE valuation percentile below 20% [23]. - Industries with PE valuation percentiles below 50% include Consumer Discretionary, Consumer Staples, Information Technology, and Utilities [23]. Industry Valuation Levels - The report presents the PE (TTM) and PB (LF) valuation levels of various industries since early 2018 [23][27]. - Industries with relatively high PE valuation percentiles (above 50%) include Energy, Materials, Industrials, Healthcare, Financials, and Telecom Services [23]. - For PB valuation, industries with percentiles below 50% include Consumer Staples, Information Technology, Utilities, and Real Estate [23]. AH Share Premium/Discount Levels - The report includes the Hang Seng AH Share Premium Index, which tracks the premium or discount of AH shares over time [31]. - The index shows fluctuations in premium levels, with historical averages and standard deviations provided for context [33].

Core Insights - The Hong Kong stock market has seen a surge in share buybacks, with 250 companies participating and repurchasing over 7 billion shares, totaling more than 162 billion HKD as of December 4 [1] - The technology and consumer discretionary sectors are leading in buyback activities, indicating positive market sentiment [1] - The Hong Kong Stock Connect Technology 30 ETF (159636) has undergone a share split, increasing its total shares from 26.439 billion to 52.878 billion, with a net asset value adjustment from 1.3842 HKD to 0.6921 HKD per share [1] Industry Summary - The latest data shows that the Hong Kong Stock Connect Technology 30 ETF (159636) has a circulating scale of 36.597 billion HKD and an average daily trading volume exceeding 780 million HKD for the year [2] - The management and custody fees for the ETF are among the lowest in its category, at 0.45% and 0.07% respectively [2] - Market analysts from Zhongyin International express confidence in the long-term upward trend of the Hong Kong stock market, suggesting that current valuation levels remain attractive for investors [2]

Valuation of Hong Kong Stock Market - The report analyzes the valuation of major indices in the Hong Kong stock market, including the Hang Seng Composite Index (HSCI) and the Hang Seng Index (HSI) [7][8][12][14]. - The Hang Seng Technology Index (HSTECH) is also evaluated, reflecting the performance of technology stocks in the market [16][18]. Industry Valuation Levels - The report examines the Price-to-Earnings (PE) ratio across various industries, indicating that no industry is undervalued (PE percentile below 20%) [22]. - Industries with PE ratios below the 50th percentile include Consumer Discretionary, Consumer Staples, Healthcare, Information Technology, and Utilities [22]. - The report highlights that sectors such as Energy, Materials, Industrials, Financials, and Telecommunications have PE ratios above the 50th percentile, indicating relatively high valuations [22]. - For Price-to-Book (PB) ratios, no industry is undervalued (PB percentile below 20%) [26]. - Industries with PB ratios below the 50th percentile include Consumer Staples, Information Technology, Utilities, and Real Estate [26]. - Similar to PE ratios, sectors like Energy, Materials, Industrials, Consumer Discretionary, Healthcare, Financials, and Telecommunications have PB ratios above the 50th percentile [26]. AH Share Premium/Discount Levels - The report includes an analysis of the premium or discount levels of AH shares, which reflects the price differences between Hong Kong and mainland China-listed shares [30].

Valuation of Hong Kong Stock Market - The report analyzes the valuation of major indices in the Hong Kong stock market, including the Hang Seng Composite Index (HSCI), Hang Seng Index (HSI), and Hang Seng Tech Index (HSTECH) [8][12][16]. - The report highlights that no industries are currently undervalued with a PE valuation percentile below 20% [23]. - Industries with PE valuation percentiles below 50% include Consumer Discretionary, Consumer Staples, Information Technology, and Utilities [23]. Industry Valuation Levels - The report presents the PE (TTM) and PB (LF) valuation levels of various industries since early 2018 [23][27]. - Industries with relatively high PE valuation percentiles (above 50%) include Energy, Materials, Healthcare, Industrials, Financials, and Telecommunications [23]. - For PB valuation, Utilities and Real Estate are the only sectors with percentiles below 50% [23]. AH Share Premium/Discount Levels - The report includes an analysis of the Hang Seng AH Share Premium Index, indicating trends in premium levels over time [33]. - The average value and standard deviations of the AH Share Premium Index are provided, showing fluctuations from June 2020 to June 2025 [33].

Valuation of Hong Kong Stock Market - The report covers the valuation of major indices in the Hong Kong stock market, including the Hang Seng Composite Index (HSCI), Hang Seng Index (HSI), and Hang Seng Tech Index (HSTECH) [9][13][17]. Industry Valuation Levels - The report analyzes the Price-to-Earnings (PE) ratios of various industries since early 2018, indicating that no industries are undervalued (PE below 20%) [24]. - Industries with PE ratios below the 50th percentile include Consumer Discretionary, Consumer Staples, Information Technology, and Utilities [24]. - The report highlights that industries with relatively high valuations (PE above 50%) include Energy, Materials, Industrials, Healthcare, Financials, and Telecommunications [24]. - For Price-to-Book (PB) ratios, no industries are undervalued (PB below 20%), while Utilities and Real Estate have PB ratios below the 50th percentile [28]. - Industries with high PB valuations (above 50%) include Energy, Materials, Industrials, Consumer Discretionary, Consumer Staples, Healthcare, Financials, Information Technology, and Telecommunications [28]. AH Share Premium/Discount Levels - The report includes insights on the premium/discount levels of AH shares, although specific numerical data is not provided in the summary [32].

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Insights - The report analyzes the valuation levels of the Hong Kong stock market, focusing on key indices and industry sectors [4][18]. - It highlights the current price-to-earnings (PE) and price-to-book (PB) ratios across various industries, indicating which sectors are undervalued or overvalued [20][24]. Valuation of Key Indices - The report provides valuation insights for major indices such as the Hang Seng Composite Index (HSCI) and the Hang Seng Index (HSI), but specific numerical data is not included in the provided text [6][10]. Industry Valuation Levels - The report identifies industries with low PE ratios, specifically noting that daily consumer goods and utilities are undervalued, with PE valuation percentiles below 20% [20]. - Other sectors with PE ratios below 40% include energy, discretionary consumption, and utilities [20]. - Industries with relatively high PE valuations (above 50%) include materials, healthcare, information technology, and telecommunications [20]. - For PB valuations, utilities are noted as being undervalued with percentiles below 10%, while materials, daily consumer goods, healthcare, and real estate are below 30% [24]. - Energy, discretionary consumption, and telecommunications are highlighted as having PB valuations above 50% [24]. AH Share Premium/Discount Levels - The report discusses the premium/discount levels of AH shares, but specific details or numerical data are not provided in the text [26].