戴康 CFA 广发证券发展研究中心 董事总经理（MD）、首席资产研究官 邮箱：daikang@gf.com.cn ● 美股：低波动—>高波动，下调↓权重。 过去两年，标普500维持偏低的波动率，一定程度上源自内部成分股之间偏低的相 关性，偏低的相关性则源自AI产业叙事下（7姐妹为代表的）美股科技龙头与非科技龙头间的分化，增加美股的分散性。当 前，标普500内部成分股间的相关性仍处于历史低点。我们判断，2025年，均值回归的牵引力、美国经济衰退压力（美股或 面临系统风险）、美国AI产业趋势一枝独秀的格局被打破（科技股独立行情门槛变高）等因素都将带来美股个股间相关性提 升（美股科技龙头与非科技龙头之间的分化将收敛）—>美股波动率加大—>资产配置组合中下调↓美股权重。 ● 中资股： 短期事缓则圆，中长期行情驱动力有望更健康。 短期视角，我们在 25.2.28《牛市二阶段，事缓则圆》 提示： 周线6连阳后，港股短期行情有所透支，事缓则圆，等待政策落地和科技产业叙事验证。从历史经验看6连阳后不建议追涨领 先板块，反而应关注本轮落后的低波、股息、价值、质量因子，如：银行、公用事业、石油石化、电信服务等。更长期视 角，本轮 ...

Core Viewpoint - The China Securities Index for the Hong Kong-Shanghai-Shenzhen Connect Information Industry shows mixed performance, with a recent decline of 2.73% over the past month but a 12.74% increase over the last three months and year-to-date [1] Group 1: Index Performance - The China Securities Index for the Hong Kong-Shanghai-Shenzhen Connect Information Industry closed at 3996.50 points [1] - The index has experienced a 2.73% decline in the last month, while it has increased by 12.74% over the last three months and year-to-date [1] Group 2: Index Composition - The top ten holdings in the index include Alibaba-W (13.36%), Tencent Holdings (10.76%), Xiaomi Group-W (5.41%), China Mobile (3.25%), and Luxshare Precision (1.4%) [1] - The market share of the index's holdings is distributed as follows: Hong Kong Stock Exchange (42.19%), Shenzhen Stock Exchange (33.30%), and Shanghai Stock Exchange (24.51%) [1] Group 3: Industry Breakdown - The industry composition of the index includes Electronics (24.59%), Media (18.08%), Semiconductors (17.33%), Retail (13.53%), Computers (11.29%), Communication Equipment and Technical Services (7.70%), and Telecom Services (7.48%) [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

Group 1 - The core point of the article is that China Mobile Communication Group Shaanxi Co., Ltd. has applied for a patent related to a method for classifying the difficulty of maintaining network resources, which aims to improve the accuracy of maintenance cost calculations [1][3] Group 2 - China Mobile Communication Group Shaanxi Co., Ltd. was established in 2002 and is located in Xi'an, primarily engaged in telecommunications, broadcasting, television, and satellite transmission services [2] - The company has a registered capital of 317,126.74 thousand RMB, which is also its paid-in capital [2] - The company has made investments in 2 enterprises, participated in 5,000 bidding projects, and holds 23 trademark records and 285 patent records [2]

Core Insights - China Unicom has applied for a patent related to a traffic settlement scheme aimed at reducing economic losses for users [1] Group 1: Patent Application - The patent titled "Method, Device, Equipment, and Storage Medium for Determining Traffic Settlement Scheme" was filed with the National Intellectual Property Administration [1] - The application date for the patent is December 2024, and the publication number is CN 119676008 A [1] - The patent addresses the challenge of determining an appropriate fee settlement scheme for users exceeding their data limits, thereby minimizing their financial losses [1] Group 2: Company Overview - China Unicom, established in 1994, is based in Beijing and primarily engages in telecommunications, broadcasting, and satellite transmission services [2] - The company has a registered capital of approximately 10.48 billion RMB and has made investments in 33 enterprises [2] - China Unicom has participated in 3,091 bidding projects and holds 5,000 patent records along with 3,663 trademark records [2]

过去一段时间，港股市场这种剧烈的上下起伏已经不是第一次出现。2月底以来，虽然市场多次由短期情绪和资金涌入催化快 速上冲，但始终无法"有效突破"我们早前给出的点位。我们在2月16日与2月24日连续发布《 中国资产的重估？ 》与《 再论中 国资产的重估前景 》两篇专题报告， 测算恒指中枢23,000-24,000点，乐观情形25,000点，建议在这一区间附近观望不必追 高，如果不选择获利可以适度调仓至红利。 回过头来看，这一观点是有效的。实际上，尽管活跃的市场给人一种持续火热的感觉， 但如果投资者是选择从2月底以来加仓 龙头个股或者恒指与恒生科技的话，过去一个月大概率持平甚至是亏损的。 那么，走到这一步，中国资产的重估到哪里了？ 接下来走向如何，该如何配置？有哪些节点需要重点关注？ 一、重估到哪一步了？叙事驱动的极致"结构市"，当前估值相对合理 图表：上周MSCI中国指数下跌1.7%，电信服务与房地产领跌，而公用事业与能源逆势上涨 点击小程序查看报告原文 资料来源：FactSet，中金公司研究部 过去一周港股市场大幅波动，周初恒指一度逼近我们给出的乐观情形25,000点，随即再度大幅回撤，恒生科技周四周五连续两 ...

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Insights - The report analyzes the valuation levels of the Hong Kong stock market, focusing on key indices and industry sectors [4][18]. - It highlights the current price-to-earnings (PE) and price-to-book (PB) ratios across various industries, indicating which sectors are undervalued or overvalued [20][24]. Valuation of Key Indices - The report provides valuation insights for major indices such as the Hang Seng Composite Index (HSCI) and the Hang Seng Index (HSI), but specific numerical data is not included in the provided text [6][10]. Industry Valuation Levels - The report identifies industries with low PE ratios, specifically noting that daily consumer goods and utilities are undervalued, with PE valuation percentiles below 20% [20]. - Other sectors with PE ratios below 40% include energy, discretionary consumption, and utilities [20]. - Industries with relatively high PE valuations (above 50%) include materials, healthcare, information technology, and telecommunications [20]. - For PB valuations, utilities are noted as being undervalued with percentiles below 10%, while materials, daily consumer goods, healthcare, and real estate are below 30% [24]. - Energy, discretionary consumption, and telecommunications are highlighted as having PB valuations above 50% [24]. AH Share Premium/Discount Levels - The report discusses the premium/discount levels of AH shares, but specific details or numerical data are not provided in the text [26].