图 一周摘要 图 市场概况 ：上周A股市场整体呈现强劲上涨态势，主要宽基指数普遍收高，其中中证500、创业板50涨幅 居前，分别上涨4.03%和4.07%，显示中小盘成长风格表现活跃。上证指数全周上涨1.88%，沪深300上涨 1.95%，大盘蓝筹稳中有升。相比之下，价值风格的中证红利指数涨幅较小，仅微涨0.55%，凸显市场结 构性分化仍存，整体偏向成长与中小盘主导。 美国经济动能减弱，推动市场押注美联储将在2026年进一步降息，美元指数呈现震荡下行，全周累计下 跌约0.68%，收于98.03。 图表1：全球大类资产收益表现 单位：% 行业板块 ： 上 周万得一级行业多数上扬，材料（+5.85%）、信息技术（+4.36%）领涨，受益于政策支 持与产业景气度提升；日常消费（-0.65%）、通讯服务（-0.34%）小幅回调，大消费板块仍偏弱。市场 风格向高景气制造与科技板块倾斜。 基金发行 ： 上 周合计发行52只，其中股票型基金发行18只，混合型基金发行15只，债券型基金发行13 只，FOF型基金发行6只，总发行份额278.94亿份。 基金表现 ： 上 周万得全基指数上涨1.43%，其中普通股票型基金指数涨2. ...

Group 1 - The core viewpoint of the report is that the Hong Kong stock market is experiencing a temporary adjustment but is expected to rebound, presenting a good opportunity for investment as the economic fundamentals remain stable and resilient [1] - In October, the Hong Kong stock market indices experienced a decline due to external factors such as tariffs, with the Hang Seng Technology Index falling by 8.6%, the Hang Seng Index by 3.5%, the Hang Seng Composite Index by 3.9%, and the Hang Seng China Enterprises Index by 4.0% [1] - The performance of various sectors in October showed that utilities, finance, and materials sectors performed relatively well, while healthcare, information technology, and consumer staples lagged behind [1] Group 2 - The AH share premium index saw a slight recovery, rising to 120 by October 31, up 2.2% from 117 at the end of September, indicating it is at a historically low level since 2016 [2] Group 3 - The valuation levels of major Hong Kong stock indices slightly decreased, with the Hang Seng Index PE at 11.7, the Hang Seng China Enterprises Index PE at 10.5, and the Hang Seng Technology Index PE at 22.9, all indicating low historical valuation levels [3] - Specific sectors such as utilities, consumer discretionary, and consumer staples are still at relatively low valuation levels, with the utilities index PE at 12.3, consumer discretionary at 22.8, and consumer staples at 23.8, reflecting their respective historical percentiles [3] Group 4 - Foreign capital outflow from the Hong Kong market has slowed down, with a net outflow of 669 million HKD in October, while southbound funds continue to flow significantly into the market, with a cumulative inflow exceeding 1.1 trillion RMB for the year [4] - In October, the net inflow of southbound funds reached 849 million RMB, contributing to a total cumulative inflow of 11.691 billion RMB for the year, marking a new high in recent years [4]