Core Viewpoint - The Hong Kong stock market opened lower on July 7, but stablecoin concept stocks rose, with the Hong Kong Stock Connect Technology ETF (513860) showing a year-to-date increase of over 27% [1] Group 1: Market Performance - As of 10:20 AM, the Hong Kong Stock Connect Technology ETF (513860) was flat after a pullback, with notable individual stock performances including Health Road up over 17% and Kuaishou-W up over 3% [1] - The Hong Kong Stock Connect Technology Index increased by 30.85% as of July 4, 2025, while the Hang Seng Index rose by 19.22% and the Hang Seng Technology Index by 16.74% [1] Group 2: Fund Flows - According to Wind data, the Hong Kong Stock Connect Technology ETF (513860) saw a net inflow of 240 million yuan over the past five days, 520 million yuan over the past three months, and 657 million yuan year-to-date [1] Group 3: IPO Activity - In the first half of 2025, there were 42 IPOs in Hong Kong, raising over 107 billion HKD, which is approximately 22% more than the total for the previous year, making Hong Kong the global leader in IPO fundraising [1] Group 4: Valuation Metrics - The Hang Seng Index had a TTM price-to-earnings (P/E) ratio of 10.68 as of July 1, 2025, with a historical percentile of 63.98% and a dividend yield of 3.93% [1] - The Hang Seng Technology Index had a TTM P/E ratio of 20.10, with a historical percentile of 8.95%, indicating a relatively low valuation level [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 港股市场估值周报 2025.2.10-2025.2.16 | 分析师： | 沈凡超 | | --- | --- | | 中央编号： | BTT231 | | 联系电话： | 852-4623 5564 | | 邮箱： | hector@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 8 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 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，来看当下各 ...