港股市场策略周报 2025.6.2-2025.6.8 | 分析师： | 沈凡超 | | --- | --- | | 中央编号： | BTT231 | | 联系电话： | 852-4623 5564 | | 邮箱： | hector@cnzsqh.hk | 港股市场策略周报 - 投资要点 l 港股市场表现回顾： l 港股市场宏观环境： l 港股市场展望： 2 n 本周中美关税摩擦继续缓和，结合政策加力的预期，港股市场本周迎来反弹，恒生综指/恒生指数/恒生科技分别 +2.20%/+2.16%/+2.25%。本周市场一级行业板块多数收涨，原材料业涨幅排在第一，周涨幅超5.5%；医疗 保健业继续保持强势，周涨幅超4.0%，排在第二。 n 截至本周末，恒生综指的5年PE（TTM）估值分位点升至72.3%，估值水平略超5年均值。 n 基本面：央行本周打破惯例，在6月初首次开展1万亿元买断式逆回购操作，释放明确宽松信号。 n 资金面：5月美国非农虽较上月走弱，但超市场预期，就业市场仍有韧性，市场对于美联储降息的预期继续承压。 n 基本面：经济复苏的内生动能仍然偏弱，外需承压下内需仍待政策面托举；政策面： 货币政策持续宽松加 ...

Group 1 - The Hong Kong stock market continues to show strong upward momentum, with the Hang Seng Index, Hang Seng Tech Index, and the China Enterprises Index rising by 3.79%, 6.03%, and 4.02% respectively during the week from February 17 to February 21, 2025 [5][8] - The technology, healthcare, and telecommunications sectors led the gains, with increases of 10.34%, 8.81%, and 6.01% respectively, while materials, energy, and real estate sectors experienced declines of 3.07%, 2.45%, and 0.53% [8][11] - The average daily trading volume on the Hong Kong Stock Exchange increased to HKD 335.88 billion, up HKD 37.15 billion from the previous week, indicating heightened trading activity [11][12] Group 2 - Recent performance of the Hang Seng Index shows a PE ratio of 10.33, which is a 1.75% increase from the previous week and is at the 59th percentile level since 2010 [16][24] - The risk premium of the Hang Seng Index relative to the 10-year US Treasury yield is 5.26%, which is at the 12th percentile level since 2010, indicating a relatively low attractiveness for overseas investors [16][24] - The AH premium index decreased by 1.54 points to 133.72, which is at the 52nd percentile level since 2014, suggesting a moderate valuation gap between A-shares and H-shares [27][29] Group 3 - The investment outlook for the Hong Kong stock market suggests that the technology sector remains a high-investment opportunity due to policy support and rapid AI application development [45] - Consumer stocks are expected to see significant performance improvements due to domestic policies aimed at boosting consumption [45] - High dividend strategies in the Hong Kong market are still attractive, particularly for state-owned enterprises actively managing their market capitalization [45]