The three major indexes of Hong Kong stocks have been rising since November. As of Monday's close, the Hang Seng Index was up 32.89% and the Hang Seng Index was up 48.57%. The agency believes that the recent relaxation of policy constraints has opened up an opportunity to repair the economic and market environment.

The offshore renminbi also surged on Monday, echoing the rebound in the Hang Seng Index, which also hit its highest level since September. CITIC pointed out that the current phased high of the US dollar index may have passed, and the passive depreciation pressure on the RMB has weakened. Under the influence of improved expectations of the domestic economy, slowing pressure on capital outflows from the equity and debt market, and the release of demand for foreign exchange settlement, it may be difficult for the spot exchange rate of the US dollar against the RMB to break through previous highs. The probability of maintaining volatility in the short term is high, and in the long run, the RMB exchange rate or gradual return to internal factors is dominant, which needs to be verified by the stress test of the epidemic and economic repair data to support the continued strength of the RMB.

Previous research by Oriental Securities shows that when the domestic economic situation is good and the RMB appreciates, mainland assets become more attractive to overseas funds, overseas funds allocate mainland assets, and Hong Kong stocks are an important place for them to allocate mainland assets.

It is worth noting that Hong Kong stocks are still at the bottom of the rebound phase, the latest index only recovered to near the September level, the Hang Seng Index and the Hang Seng Technology Index are still down about 17% and 26% respectively during the year. that,Specifically, so far, which plates have taken the lead out of the valuation depression?

All sectors of Futuo Niuniu Hong Kong stocks rose and declined on the 20th.

The comprehensive agency research concluded that, compared with the market as a whole, which sectors have a higher probability of repair in the future, which tracks may receive more attention, and the market consensus is stronger?

Medical profession

• Yue Kai Securities: after the optimization of epidemic prevention measures, the medical industry is expected to make up for its weaknesses and strengths.
  

Yue Kai Securities believes that at the national and local levels, we will speed up the implementation of the 20 articles on optimized prevention and control, persist in taking small steps, promote "willing inspection" and "accurate exemption from inspection", and strive to effectively save resources on the premise of reducing communication risks as much as possible. Epidemic prevention measures will be more scientific, accurate and effective. It is suggested that attention should be paid to two main lines of investment in the biomedical sector: first, diagnosis, treatment and immunization, which are directly related to epidemic prevention and control, are expected to become normal needs. The second is to pay attention to the opportunities to make up for the weaknesses and weaknesses in the medical industry after the optimization of epidemic prevention measures.

• Guolian Securities: new medical infrastructure and post-epidemic recovery will gradually become the main line.

Guolian Securities pointed out in the research report that looking back in November, the demand for traditional Chinese medicine OTC and epidemic prevention led the rise. Sub-plate point of view, offline drugstores, traditional Chinese medicine, pharmaceutical commercial plate led the increase, the performance is eye-catching. The main reasons are the policy support, the high incidence of colds in winter in China and the gradual clarity of the relaxation of epidemic control in China, the demand for drugs and epidemic protection equipment is increasing, benefiting both products and sellers. Looking forward to December, the policy of epidemic control will gradually become clear, social life may be affected in the short term, and will gradually recover in the long term. In the short term, antigen, vaccine and other related topics continue; in the long run, new medical infrastructure and post-epidemic recovery will gradually become the main line.

Consumer equipment

• Zheshang Securities: post-epidemic repair stage, consumer equipment may have investment opportunities

Zheshang Securities believes that consumer equipment in 2023 can focus on digging two main lines. 1. Investment opportunities for consumption recovery under the domestic cycle: 1) focus on the downstream flow of people and goods and the recovery of consumption after the marginal improvement of policy. 2) the product upgrading and emerging consumer demand generated by China's per capita GDP exceeding US $10, 000, such as craft fresh beer, small single fast reverse, large displacement motorcycle and so on. 2. Under the background of double cycle, the investment opportunities of export industry chain: 1) the cost-side suppressing factors such as freight, exchange rate and supply chain have been greatly improved, and the profits of export enterprises have rebounded significantly. 2) focus on the impact of the inventory cycle in Europe and the United States on export demand, as well as the volume and price changes on the income side of enterprises under high inflation. 3) consumption upgrading in Europe and the United States: all-terrain vehicles, lifting tables, electric bikes / bicycles, electric medical beds, etc.

Internet 2B service

• Soochow Securities: after the economic recovery, the cash flow of enterprises has improved, and the Internet 2B business will benefit significantly.
  

Soochow Securities pointed out in a research report that after the economic recovery, the cash flow of enterprises has improved and the budget has increased, which will significantly benefit the 2B business of the Internet. For example, driven by consumer demand, the advertising industry has benefited from a rebound in upstream investment budgets; after negative economic expectations have receded, corporate labor budgets are likely to start to pick up, leading to an increase in demand for online recruitment platforms and an improvement in valuations. However, taking into account the different landing rhythm of epidemic prevention and control optimization work in different regions, local life will benefit before travel in other places.

• Caitong Securities: retail stocks with fast performance repair are expected to win for a long time.

Caitong Securities pointed out that reviewing the market performance after the relaxation of epidemic prevention in six regions of the world, consumption and leading the way in the cycle after the relaxation of epidemic prevention. For example, within three months of the relaxation of epidemic prevention in the United States, consumption (+ 11%), materials (+ 11%) and industry (+ 9%) led the S & P 500. Specific to the internal breakdown of the consumer industry, the share prices of airlines, tourism, hotels and restaurants with slow performance repair are often "safe", with gains concentrated in the month before relaxation, while stock prices such as retail, which have fast performance repair, have won for a long time. Among them, areas with rapid recovery after the epidemic, such as offline retail, are expected to continue to pick up and outperform the market. Plate online retail that benefited during the epidemic is often a period of time after the relaxation of epidemic prevention, the relative boom may peak and decline, corresponding to the weak market performance.

Tourist attractions, hotels, airport transportation

• Soochow Securities: focus on the post-epidemic restoration elasticity of tourist scenic spots, hotels, airport transportation and other plates.

Soochow Securities Research newspaper pointed out that some common conclusions have been drawn after combing the development of the epidemic and the recovery of consumption in various countries. After comprehensive consideration, we can focus on the post-epidemic restoration flexibility of tourist scenic spots, hotels, airport transportation and other sectors, and also suggest that attention should be paid to the block opportunities for deeply benefiting from travel recovery in subdivided areas such as duty-free, medical and beauty, gold jewelry, human services, and professional chains.