Group 1 - The Hang Seng Index opened up by 0.53%, with the Hang Seng Tech Index rising by 0.54%. Companies like Hansoh Pharmaceutical and CSPC Pharmaceutical increased by nearly 4%, while NetEase rose by nearly 3% [1] - Cathay Securities reports that the AI industry cycle may lead the Hong Kong stock market upward amid the transition of old and new driving forces. The technology sector is expected to benefit significantly from the AI narrative, with performance likely to accelerate [2][3] - The influx of capital from mainland China is strengthening pricing power in the Hong Kong market, with foreign capital gradually improving its low-position allocation in Chinese assets [2] Group 2 - Morgan Stanley analysts believe that the recent return of global capital is positively impacting the valuation recovery of Hong Kong assets, which still hold high allocation value in the medium to long term [3] - The Hang Seng Index's price-to-earnings (PE) ratio has risen from approximately 7.5 times to the current 10.5 times, aligning with the ten-year average, indicating that valuation recovery is ongoing [3] - The Hong Kong IPO market is expected to see a significant revival in 2025, providing a crucial window for domestic companies to raise foreign capital [3] Group 3 - The Hong Kong stock market is evolving into a global technology capital hub, connecting thriving mainland tech companies with global capital seeking quality targets [4] - The recent trend of A-share companies listing in Hong Kong is driven by a combination of outbound strategies, regulatory conveniences, and improved liquidity in the Hong Kong market [4] - The attractiveness of the Hong Kong market is increasing due to the continuous improvement in asset supply structure and quality, as well as liquidity trends amid the return of overseas capital [4] Group 4 - The Hong Kong government has implemented several supportive policies for the stock market, including lowering stamp duty and optimizing trading mechanisms to enhance market liquidity and attractiveness [5] - Dividend-paying assets are gaining appeal due to their high returns and low volatility, with the ETF interconnectivity system broadening investment channels [5] - Amid global geopolitical conflicts and trade tensions, Hong Kong's dividend indices are expected to become a favored allocation direction for medium to long-term funds due to their resilience and stability [5]
港股开盘 | 恒生指数高开0.53%：翰森制药(03692)、石药集团(01093)涨近4%