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].