Group 1: Market Recovery - The Hong Kong IPO market is experiencing a significant recovery, with improved supply of quality assets and increased market liquidity attracting substantial capital attention [1][2] - In May 2025, the cumulative fundraising amount in the Hong Kong market reached HKD 55.80134 billion, marking the highest monthly fundraising record since March 2021 [1] - As of June 2, 2025, the year-to-date cumulative fundraising scale has exceeded HKD 77.4 billion, approaching 90% of the total for the entire year of 2024 [1] Group 2: Changes in Market Structure - The recovery in the IPO market is driving structural changes in the Hong Kong market, with increasing market capitalization in new consumption, technology, and biomedicine sectors [3] - Notable companies in the new consumption sector, such as Mixue Group, Pop Mart, and Laopu Gold, have seen year-to-date increases of approximately 101.55%, 157.61%, and 280.13% respectively [3] Group 3: Capital Inflows - Significant inflows of southbound capital into the Hong Kong market have become a crucial source of incremental funds driving the Hang Seng Index upward, with net inflows reaching approximately HKD 650.942 billion as of May 30, 2025 [4] - The trend of southbound capital has expanded from high-dividend sectors like banking to technology, healthcare, and consumer sectors [4] Group 4: Institutional Interest - Institutions are optimistic about sectors such as technology and consumption, with the Hang Seng Technology Index's price-to-earnings ratio (TTM) at 20.17, significantly below historical averages [5] - The overall market valuation of Hong Kong stocks remains low, attracting interest from various institutional investors [5] Group 5: Growth Potential - The combined market capitalization of "consumption + technology" in Hong Kong stocks has reached nearly 50%, with ten major technology companies accounting for close to 30% of the market capitalization [6] - The average daily trading volume in the first four months of 2025 was HKD 250.4 billion, a year-on-year increase of 144% [6]

近日，A股龙头公司宁德时代、恒瑞医药相继在港股上市，且均较其A股价格出现溢价。这一现象引发市场对"港股资产重估"的 关注。 卖方机构认为，港股市场的结构正在发生变化，随着新消费、科技和生物医药三大行业的市值占比不断提升，港股重估具备一 定基础。 事实上，今年前5个月，在南向资金的"加持"下，港股市场已迎来一轮估值修复。据Wind统计，截至5月26日，恒生指数、恒生 中国企业指数、恒生科技指数今年以来分别上涨了16.06%、15.74%、15.43%，明显跑赢美股、亚太股市，其投资价值由此受到 各类机构的重视。 接下来，港股能否持续"领跑"？哪些机会值得关注？ 两大驱动因素 5月中旬以来，港股市场步入震荡区间，但向上势头依旧未变。 该策略团队进一步分析，资金在科技股获利了结，一方面是因为资本市场习惯性"买预期、卖现实"，另一方面，关税前景仍然 充满不确定性。 港股"避风港"效应显现 值得注意的是，近期，多家卖方机构提出了"港股迎来价值重估"的观点，他们判断，后续，港股市场有望迎来海内外增量资 金。 据Wind统计，截至5月26日，恒生指数、恒生中国企业指数、恒生科技指数今年以来分别上涨了16.06%、15.74 ...