Is the rotation of the Hong Kong stock sector starting? The four major sectors are rising in turn, with this company's strongest increase exceeding 290% on the 4th.

Futu News · Oct 7 18:57

国庆黄金周临近尾声，休市多日的A股也即将回归。港股作为假期期间资金增持中国资产的主要方向，仍在上演最后的“抢筹大戏”。

踏入2024年的第四季度，整体市场气氛显著改善， $恒生指数 (800000.HK)$ 升至约两年半高位，过去15个交易日累计上升超过5600点，升幅33%。

市场观点认为，整体看，政策面持续支撑港股向好格局没有改变，策略上持续把握好板块轮动的机遇。

从10月以来港股的走势来看，板块轮动似乎已悄然开启。除了前期的金融股、地产股外，近日医疗行业、科技行业要开始接力上升，从近4个交易日来看，金融板块累计升幅超18%，医疗保健板块升逾15%、地产行业、科技行业等均升约13%。

作为牛市旗手的券商股仍打头阵，10月来继续突围， $招商证券 (06099.HK)$ 4日累升逾184%， $申万宏源 (06806.HK)$ 累计升逾126%、 $中信建投证券 (06066.HK)$ 升逾94%、 $东方证券 (03958.HK)$ 、 $中金公司 (03908.HK)$ 升超75%。

医疗股近日也开始蠢蠢欲动， $康龙化成 (03759.HK)$ 4日累升超60%、 $泰格医药 (03347.HK)$ 升逾40%、 $药明生物 (02269.HK)$ 升逾30%、 $君实生物 (01877.HK)$ 、 $药明康德 (02359.HK)$ 均涨超26%。

芯片股近日接力受捧， $宏光半导体 (06908.HK)$ 4日累升近290%、 $晶门半导体 (02878.HK)$ 升超90%、 $上海复旦 (01385.HK)$ 升近74%、 $中芯国际 (00981.HK)$ 、 $华虹半导体 (01347.HK)$ 升逾5成。

近日招银国际在其研究报告中指出，随着政府推出新的刺激政策，中国股市(包括A股和H股)出现了显著的上涨，特别是半导体和通信行业的股票。该机构预测，半导体行业可能会迎来一次重新估值的机会，并且这种市场趋势在短期内可能会持续，特别是在香港上市的半导体股票。

地产股近日热度稍有回落，但其中不少个股仍录得不错的升幅， $万科企业 (02202.HK)$ 、 $融创中国 (01918.HK)$ 、 $中国金茂 (00817.HK)$ 4日涨超40%、 $金辉控股 (09993.HK)$ 、 $新城发展 (01030.HK)$ 累涨超23%。

中信证券指出，9月24日政策组合拳推出以来，港股涨幅显著，多重指标均表明港股投资者情绪十分火热。外资也呈现出显著增配港股市场趋势，9月16日以来的短短半月间累计流入606亿港元。

中信证券认为，尽管经历一轮快速上涨，港股当前估值水平无论比较全球市场还是历史情况仍处在具备较高性价比的位置，尤其成长及大金融板块当前的估值更是处于较低的历史分位。虽然逼空交易推动的上涨最快的阶段或已过去，但在政策逐步落地且投资者情绪依旧“兴奋”的背景下，港股难言已阶段性触顶，其估值修复行情有望延续至11月初。

编辑/Somer

As the National Day golden week comes to an end, the A-share market, which has been closed for many days, is also about to return. Hong Kong stocks, as the main direction of increasing investment in Chinese assets during the holiday period, are still staging the final "rush for shares".

Entering the fourth quarter of 2024, the overall market sentiment has significantly improved, reaching a high level of about two and a half years, with an accumulated increase of over 5600 points in the past 15 trading days, up by 33%. $Hang Seng Index (800000.HK)$ From the trend of Hong Kong stocks since October, sector rotation seems to have quietly begun. In addition to the previous financial and real estate stocks, in recent days, the medical and technology sectors are about to take over the rise. Based on the past 4 trading days, the financial sector has accumulated an increase of over 18%, the medical care sector has risen by more than 15%, and the real estate and technology sectors have each increased by about 13%.

The market view believes that, overall, the policy support for the Hong Kong stock market remains unchanged, and it is important to continue to grasp the opportunities for sector rotation in terms of strategy.

Brokerage stocks, as the leader of the bull market, are still taking the lead, continuing to break through since October.

Brokerage stocks, as the leader of the bull market, are still taking the lead, continuing to break through since October. $CMSC (06099.HK)$ Cumulative increase of over 184% on the 4th. $SWHY (06806.HK)$ Cumulative increase of over 126%. $CSC (06066.HK)$ Increase of over 94%. $DFZQ (03958.HK)$Please use your Futubull account to access the feature.$CICC (03908.HK)$ Increase by more than 75%.

Medical stocks have recently started to show signs of activity, $PHARMARON (03759.HK)$ Rise over 60% cumulatively on the 4th, $TIGERMED (03347.HK)$ Increase by more than 40%, $WUXI BIO (02269.HK)$ Increase by more than 30%, $JUNSHI BIO (01877.HK)$Please use your Futubull account to access the feature.$WUXI APPTEC (02359.HK)$ All rose by over 26%.

Chip stocks have recently been popular. $HG SEMI (06908.HK)$ 4-day cumulative increase of nearly 290%, $SOLOMON SYSTECH (02878.HK)$ Up more than 90%, $SHANGHAI FUDAN (01385.HK)$ Up nearly 74%, $SMIC (00981.HK)$Please use your Futubull account to access the feature.$HUA HONG SEMI (01347.HK)$ Up over 50%.

Recently, CICC pointed out in its research report that with the introduction of new stimulus policies by the government, the Chinese stock market (including A-shares and H-shares) has seen a significant increase, especially in stocks of the semiconductor and communication sectors. The institution predicts that the semiconductor industry may have an opportunity for revaluation, and this market trend may continue in the short term, especially for semiconductor stocks listed in Hong Kong.

Real estate stocks have recently cooled slightly, but many of them still recorded decent gains. $CHINA VANKE (02202.HK)$Please use your Futubull account to access the feature.$SUNAC (01918.HK)$Please use your Futubull account to access the feature.$CHINA JINMAO (00817.HK)$ rising more than 40% on the 4th day. $RADIANCE HLDGS (09993.HK)$Please use your Futubull account to access the feature.$SEAZEN (01030.HK)$ Accumulated increase exceeds 23%.

CITIC Securities pointed out that since the launch of the policy combination on September 24, the Hong Kong stocks have shown a significant increase, with multiple indicators indicating that investors' sentiment towards Hong Kong stocks is very enthusiastic. Foreign capital has also shown a significant trend of increasing allocation to the Hong Kong stock market, with an accumulated inflow of 60.6 billion Hong Kong dollars in the short half month since September 16.

CITIC Securities believes that despite experiencing a rapid rise, the current valuation level of Hong Kong stocks is still in a position with relatively high cost performance compared to global markets and historical situations, especially the current valuation of the growth and large financial sectors is at a low historical percentile. Although the fastest phase of the rise driven by forced short covering trades may have passed, Hong Kong stocks are unlikely to have reached a temporary peak given the gradual implementation of policies and the continued 'excited' sentiment of investors. The valuation recovery trend of Hong Kong stocks is expected to continue until early November.

Editor/Somer

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Positive signs keep on coming! China's assets explode across the board

港股板块大轮动开始？四大板块轮番上升，这家公司4日最劲升逾290%

Is the rotation of the Hong Kong stock sector starting? The four major sectors are rising in turn, with this company's strongest increase exceeding 290% on the 4th.

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