Market Overview - The Hong Kong stock market showed mixed performance today, with financial and real estate sectors continuing to rise, while pharmaceutical and new consumption sectors experienced widespread declines [1] - The Hang Seng Technology Index increased by 1.3%, the CSI Hong Kong Stock Connect Internet Index rose by 1.1%, the Hang Seng Stock Connect New Economy Index gained 0.2%, and the CSI Hong Kong Stock Connect Consumer Theme Index saw a slight increase of 0.1%. In contrast, the CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index fell by 1.1% [1] ETF Performance - The E Fund Hang Seng Technology ETF (513010) has recorded net inflows for 10 consecutive trading days, totaling over 2 billion yuan, with the latest scale reaching 17.6 billion yuan, marking a historical high [1] - The Hang Seng New Economy ETF (513320) tracks the Hang Seng Stock Connect New Economy Index, which consists of 50 stocks from the "new economy" sector with the largest market capitalization [2] - The Hang Seng Technology ETF (513010) tracks the Hang Seng Technology Index, composed of 30 stocks highly related to technology themes, with over 90% of the index comprising information technology and consumer discretionary sectors [2] - The CSI Hong Kong Stock Connect Pharmaceutical ETF (513200) tracks the CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index, which includes 50 liquid and large-cap stocks in the healthcare sector [2] - The CSI Hong Kong Stock Connect Internet ETF (513040) tracks the CSI Hong Kong Stock Connect Internet Index, consisting of 30 leading internet companies, primarily in information technology and consumer discretionary sectors [2] Valuation Metrics - The rolling P/E ratio for the Hang Seng New Economy Index is 24.8 times, with a valuation percentile of 55.4% since 2018 [2] - The rolling P/E ratio for the Hang Seng Technology Index is 22.5 times, with a valuation percentile of 27.4% since its inception in 2020 [2] - The rolling P/E ratio for the CSI Hong Kong Stock Connect Pharmaceutical Index is 32.3 times, with a valuation percentile of 50.2% since 2017 [2] - The rolling P/E ratio for the CSI Hong Kong Stock Connect Internet Index is 24.4 times, with a valuation percentile of 24.4% since its inception in 2021 [2] - The rolling P/E ratio for the E Fund Hong Kong Consumption ETF (513070) is 21.7 times, with a valuation percentile of 21.9% since its inception in 2020 [3]

Group 1 - The Hang Seng Technology Index increased by 3.1%, while the CSI Hong Kong Stock Connect Consumer Theme Index rose by 2.8%, and the CSI Hong Kong Stock Connect Internet Index gained 2.6% [1] - The Hang Seng Hong Kong Stock Connect New Economy Index saw an increase of 2.4%, whereas the CSI Hong Kong Stock Connect Medical and Health Comprehensive Index decreased by 0.3% [1] - The E Fund Hang Seng Technology ETF (513010) recorded a trading volume exceeding 1 billion yuan, with a net inflow of 2.39 billion yuan over the past month, bringing its total size to over 15 billion yuan [1] Group 2 - The Hang Seng New Economy ETF (513320) tracks the Hang Seng Hong Kong Stock Connect New Economy Index, which consists of the 50 largest stocks in "new economy" sectors within the Hong Kong Stock Connect range [2] - The index has a rolling price-to-earnings ratio of 23.9 times and has a valuation percentile of 49.3% since its inception in 2018 [2] - The E Fund Hang Seng Technology ETF (513010) tracks the Hang Seng Technology Index, composed of the 30 largest stocks related to technology listed in Hong Kong, with over 90% of its composition in information technology and consumer discretionary sectors [2] Group 3 - The CSI Hong Kong Stock Connect Medical and Health Comprehensive Index (513200) includes 50 liquid and large-cap stocks in the healthcare sector, with a weight of over 90% in the healthcare industry [2] - This index has a rolling price-to-earnings ratio of 31.7 times and a valuation percentile of 49.0% since its inception in 2017 [2] - The CSI Hong Kong Stock Connect Internet Index (513040) consists of 30 leading internet companies, primarily in information technology and consumer discretionary sectors, with a rolling price-to-earnings ratio of 23.6 times and a valuation percentile of 19.1% since its inception in 2021 [2] Group 4 - The E Fund Hong Kong Consumption ETF (513070) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which includes 50 large-cap consumer stocks with good liquidity, where consumer discretionary accounts for nearly 70% [3] - This index has increased by 2.8% and has a rolling price-to-earnings ratio of 21.3 times, with a valuation percentile of 19.3% since its inception in 2020 [3]

Market Overview - The Hong Kong stock market experienced fluctuations, with southbound funds net buying over 18.5 billion HKD throughout the day [1] - The CSI Hong Kong Stock Connect Consumer Theme Index rose by 0.1%, while the CSI Hong Kong Stock Connect Internet Index fell by 0.6%, the Hang Seng Technology Index decreased by 0.7%, and the Hang Seng Hong Kong Stock Connect New Economy Index dropped by 0.8% [1] Fund Inflows - Recent data indicates that the Hong Kong Stock Connect Internet ETF (513040) and the Hang Seng Technology ETF (513010) attracted 1.8 billion HKD and 0.9 billion HKD respectively over the past month, both reaching historical highs in scale [1] Index Performance - The Hang Seng New Economy Index, which consists of the largest 50 stocks in the "new economy" sector within the Hong Kong Stock Connect, saw a decline of 0.8% [3] - The Hang Seng Technology Index, composed of the top 30 technology-related stocks, decreased by 0.7% [3] - The CSI Hong Kong Stock Connect Medical and Health Comprehensive Index fell by 1.7% [3] - The CSI Hong Kong Stock Connect Internet Index dropped by 0.6% [3] - The CSI Hong Kong Stock Connect Consumer Theme Index increased by 0.1% [3]

Core Insights - The CSI Hong Kong Stock Connect Medical and Health Comprehensive Index rose by 4.3%, while the Hang Seng Stock Connect New Economy Index and the Hang Seng Internet Index both increased by 4.0% [1] - The Hang Seng Technology Index saw a gain of 3.5%, and the CSI Hong Kong Stock Connect Consumer Theme Index rose by 3.4% [1] - The E Fund Hang Seng Technology ETF (513010) recorded a trading volume of 1.1 billion yuan and has experienced net inflows for 12 consecutive trading days, reaching a historical high of 13.6 billion yuan in product size [1] Index Performance - The Hang Seng Technology Index consists of 30 stocks related to technology themes, with over 90% of the index composed of information technology and consumer discretionary sectors. It recorded a daily increase of 3.5% and has a rolling P/E ratio of 21.5 times, with a valuation percentile of 20.3% since its inception in 2020 [3] - The CSI Hong Kong Stock Connect Medical and Health Comprehensive Index is made up of 50 highly liquid and large-cap stocks in the healthcare sector, which accounts for over 90% of the index. It increased by 4.3% with a rolling P/E ratio of 30.3 times and a valuation percentile of 48.1% since its inception in 2017 [3] - The CSI Hong Kong Stock Connect Internet Index includes 30 internet companies and has shown a daily increase, with specific performance details not provided in the text [3] Consumer Sector - The E Fund Hong Kong Consumer ETF (513070) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which consists of 50 large-cap and liquid consumer stocks, with nearly 60% in discretionary consumption. The index rose by 3.4% and has a rolling P/E ratio of 21.0 times, with a valuation percentile of 17.4% since its inception in 2020 [5]

Group 1 - The China Securities Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increased by 3.8% [1] - The Hang Seng Hong Kong Stock Connect New Economy Index rose by 1.0% [1] - The China Securities Hong Kong Stock Connect Internet Index saw an increase of 0.8% [1] - The Hang Seng Technology Index grew by 0.7% [1] - The China Securities Hong Kong Stock Connect Consumer Theme Index increased by 0.4% [1] Group 2 - The Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) received net inflows of 150 million and 130 million respectively, reaching historical highs in size [1] - The Hang Seng New Economy Index consists of the 50 largest stocks in the "new economy" sector within the Hong Kong Stock Connect range, primarily including information technology, consumer discretionary, and healthcare [2] - The rolling price-to-earnings ratio for the Hang Seng New Economy Index is 23.7 times, with a valuation percentile of 47.9% since its inception in 2018 [2] - The Hang Seng Technology Index is composed of the 30 largest stocks related to technology, with over 90% of its composition from information technology and consumer discretionary sectors [2] - The rolling price-to-earnings ratio for the Hang Seng Technology Index is 21.5 times, with a valuation percentile of 20.4% since its launch in 2020 [2] - The China Securities Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index includes 50 liquid and high-value stocks in the healthcare sector, which accounts for over 90% of the index [2] - The rolling price-to-earnings ratio for the Pharmaceutical and Health Comprehensive Index is 32.2 times, with a valuation percentile of 49.7% since its inception in 2017 [2] - The China Securities Hong Kong Stock Connect Internet Index consists of 30 leading internet companies, primarily in information technology and consumer discretionary [2] - The rolling price-to-earnings ratio for the Internet Index is 23.8 times, with a valuation percentile of 19.9% since its launch in 2021 [2]

Core Viewpoint - The report from Guotai Junan indicates a resurgence in thematic trading, with optical communication and innovative pharmaceuticals leading the charge, while the overall market remains stable with strong thematic differentiation and new catalysts driving accelerated rotation in themes [1] Group 1: Thematic Trading Insights - Thematic trading heat continues to rise, with optical communication and innovative pharmaceuticals at the forefront, while themes like photovoltaic and stablecoins have seen a pullback [1] - Average daily trading volume for hot themes reached 545 million yuan, with an average turnover rate of 3.35%, indicating a sustained increase in thematic trading since June [1] - The market is characterized by strong thematic differentiation, with optimistic performance guidance from overseas cloud companies and significant capital inflow into AI-related themes [1] Group 2: Urban Renewal - The Central Urban Work Conference emphasizes urban renewal as a key strategy for building modern, livable cities, with a focus on improving existing urban areas rather than expanding [2] - Urbanization rate in China has increased from 53.1% in 2012 to an expected 67% in 2024, with urban population rising from 720 million to 940 million [2] - Investment opportunities include upgrades to old residential areas and smart city projects benefiting from high-quality urban development [2] Group 3: Yarlung Tsangpo River Hydropower Project - The Yarlung Tsangpo River hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan for the construction of five tiered power stations [3] - The project is expected to stimulate investments in related industries such as engineering, transportation, and electricity due to its significant scale [3] - The hydropower resources are abundant, but the geological complexity of the middle and lower sections poses high construction challenges [3] Group 4: Production Limits and Price Stabilization - The State Council's executive meeting aims to regulate competition in the new energy vehicle industry, addressing issues of low-price disorder [4] - Policies to curb excessive competition are expected to stabilize price expectations in industries like photovoltaic and new energy vehicles, as well as in cyclical sectors such as steel and chemicals [4] - Investment opportunities arise in sectors facing concentrated production releases and those benefiting from improved supply-side expectations [4] Group 5: AI New Infrastructure - Nvidia's founder Jensen Huang's visit to China and the announcement of H20 chip export licenses signal positive developments in the US-China computing chip trade [5] - Domestic internet companies constrained by computing chip supply are likely to accelerate capital expenditure, benefiting the domestic intelligent computing center industry chain [5] - The optimistic performance guidance from overseas cloud vendors, combined with rising expectations for domestic computing infrastructure investments, supports growth in this sector [5]

Group 1 - The market is experiencing a "barbell" trading pattern, with strong performance in new consumption and active technology themes, as evidenced by the North Exchange 50 index rising by 3.13% and daily average trading volume increasing by 11.5% [10][18] - There is a notable divergence in market styles, with large-cap high-dividend and micro-cap themes performing well, while low PE indices and large-cap indices increased by 1.47% and 1.15%, respectively, contrasting with high PE and small-cap indices which fell by -0.95% and -0.27% [10][11] - The report highlights strong performances in sectors such as military industry and new consumption, with specific companies like Jinbo Biological, Lusi Co., and Kangbit showing significant strength [10][11] Group 2 - The North Exchange 50 index is approaching previous highs, indicating a cautious market environment where funds are structurally favoring new consumption [11] - The report suggests that the market environment in May remains favorable for the North Exchange and thematic investments, despite concerns about domestic stimulus measures potentially leading to underwhelming macro performance [11][12] - Companies recommended for attention include Jinbo Biological, Kangbit, Yizhi Konjac, and others in the new consumption sector, as they are expected to attract more institutional interest [11][12] Group 3 - The North Exchange has introduced a "small-scale fast" review mechanism for major asset restructuring, allowing companies with cumulative transaction amounts not exceeding 100 million yuan to bypass extensive review processes [12] - The report emphasizes that consumption and technology will remain key focus areas in Q2, with a long-term view on companies with competitive advantages [12] Group 4 - The North Exchange saw a total trading volume of 8.068 billion shares this week, with a trading value of 173.42 billion yuan, reflecting a week-on-week increase of 39.32% [18][27] - The average PE ratio for the North Exchange is reported at 94.45 times, with a median of 53.73 times, indicating a relatively high valuation compared to other indices [24][26] Group 5 - This week, one new stock, Tiangong Co., was listed on the North Exchange, bringing the total number of listed companies to 266 as of May 16, 2025 [31] - The new third board saw 7 new listings and 3 delistings, with planned financing of 170 million yuan and completed financing of 7 million yuan [54][56]

这些外部风险包括了美国优先贸易政策备忘录调查结果公布以及"对等关税"的加征方式和范围明朗；从 风险落地后的进攻方向上看，经过3月大幅调整且后期有催化的科技主题，因其弱宏观关联和强产业催 化，预计会成为4~5月最好的方向；从资金面来看，增量资金或来自前期高切低回补、仓位回补以及部 分追逐港股的趋势资金回流。 人民财讯3月23日电，中信证券研报指出，年内还有两个关键时点：一是4月初外部风险落地后带来的交 易性机会，二是年中中美经济和政策周期同频后带来的配置性机会。 第一个关键时点是4月初外部风险落地。 第二个关键时点是年中中美经济和政策周期再次同频。 预计二季度美国经济走弱叠加关税压力加大，可能会催生2013年以来中国出现的第四轮总量经济刺激， 美国也会推动减税以及降息；在此之后，预计中美经济和政策周期将迎来2021年后的首次同步共振上 行，这有利于打开内需叙事的向上空间，解除中国核心资产的估值压制，并且随着更多传统核心资产走 出业绩拐点，市场将迎来2021年以来最重要的一次风格切换。 ...