CITIC Securities: Hong Kong stock market welcomes monthly-level valuation recovery

Jinshi data on August 19th, CITIC Securities research report stated that looking ahead, in the context of easing external disturbances and the emergence of bottom features in the Hong Kong stock market, as well as the gradual realization of performance expectation gaps, we judge that actively-managed foreign capital will return to the Hong Kong stock market; at the same time, passive foreign capital may also have the need to replenish Hong Kong stock positions at the end of August when MSCI quarterly rebalancing occurs. Therefore, we believe that the Hong Kong stock market will usher in a monthly-level valuation recovery trend, with the internet and consumer sectors, which have more prominent valuation and performance expectation gaps, expected to benefit more.

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