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].

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 ...