On February 21, 2024**, the Hong Kong Stock Connect Technology 30 ETF (159636) closed up 430%, achieving 3 consecutive increases, with a full-day turnover of 28 billion yuan, with a turnover rate of 1854%, the market is actively traded.
The Hong Kong Stock Connect Technology 30 ETF closely tracks the CNI Hong Kong Stock Connect Technology Index, which selects 30 leading technology listed companies** with large market capitalization, high R&D investment and good revenue growth as the index sample to reflect the overall performance of listed companies in the technology field of Hong Kong Stock Connect**.
From a valuation perspective, the latest price-to-earnings ratio (PE-TTM) of the CNI Hong Kong Stock Connect Technology Index tracked by the Hong Kong Stock Connect Technology 30 ETF is only 1482 times, at 4 in the last 1 yearThe 88% quantile, i.e., the valuation is lower than 95 in the last 1 yearMore than 12% of the time, at an all-time low.
According to the data, as of January 31, 2024, the top 10 weighted stocks in the CNI Hong Kong Stock Connect Technology Index (987008) are Tencent Holdings (00700), Xiaomi Group-W (01810), Meituan-W (03690), Kuaishou-W (01024), WuXi Biologics (02269), BeiGene (06160), SMIC (00981), Lenovo Group (00992), Innovent Biologics (01801), Sunny Optical Technology ( 02382), the top 10 weighted stocks accounted for 7817%。
Guoxin** said that the CPI trend in the United States continues to decline, and overseas interest rate cuts are imminent. Bloomberg consensus** shows US CPI growth of less than 3% in 2024, CME rates** The market expects the first rate cut to be completed in June, and the number of rate cuts is expected to be around three times throughout 2024. The market's risk appetite has further improved, coupled with the innovation of AI and other technological innovations, the Nasdaq and North American technology stocks have performed strongly recently, and the index has continued to hit new highs since 2023. In terms of domestic economic policy, the real estate policy continues to be relaxed, the monetary interest rate policy is further relaxed, and the central bank has sharply cut the reserve requirement ratio by 50bp to release liquidity. Combining overseas interest rate liquidity and marginal optimization of domestic economic policies, it is recommended to increase the allocation of leading technology stocks in Hong Kong stocks.
CITIC** pointed out that 2024 may be a year of gradual recovery of the Hong Kong market. Investor sentiment has picked up, fundamentals are supported, and the bottom of the market may have been consolidated. In addition, the resonance of the inventory cycle in China and the United States may promote the continuous repair of Hong Kong stock fundamentals.
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