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恒生指数跌0.53%汽车医药领跌,新经济龙头PEG显著低估引资金逢低布局
Jin Rong Jie· 2025-05-26 02:30
Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index dropping by 0.53%. Notable declines were observed in the automotive, pharmaceutical, and internet sectors, with companies like Geely Automobile, BYD, and Meituan-W falling over 5% [1] - Southbound capital inflow accelerated, with net purchases exceeding 1.7 billion CNY as of the report [1] ETF Performance - The Hong Kong Technology 50 ETF (159750) decreased by 1.39%, indicating active capital inflow during the morning session [2] - The ETF tracks a concentrated index of technology stocks, covering the "Terrific 10" companies, which include Alibaba, Tencent, and others, with a high weight of 70% in the index [3] Valuation Insights - According to CICC, since the beginning of 2024, the influx of southbound funds has led to a continuous recovery in Hong Kong stock valuations, with the Hang Seng Index PE ratio rising from approximately 7.5x to the current 10.5x, aligning with the ten-year average [2] - Huatai Securities noted that new economy companies remain the core of both domestic and foreign investment in the Hong Kong market, with a significant valuation gap compared to U.S. stocks, particularly in high-growth sectors [3]