CITIC Securities released the 2027 Hong Kong Stock Market Investment Strategy Research Report, stating that in 2026, Hong Kong stocks were dragged down by weakening domestic demand profits and liquidity pressure, showing a “performance+valuation” double kill. Looking ahead to 2027, Hong Kong stock profits will grow moderately. The Hang Seng Index and Hang Seng Composite Index are expected to increase by 7.4% and 9.9% respectively, and Hang Seng Technology will accelerate to 24.8%, and the consumer and technology succession cycle will become the main increase. Overseas interest rate hikes are expected to be fully priced, and the Federal Reserve may restart interest rate cuts in the second half of the year. The pressure on discount rates has eased, but the lifting of the financing ban and the slowdown in capital inflows to the south made the capital situation still tight in the first half of 2027. Currently, the Hang Seng Index and Hang Seng Technology Dynamic PE are 9.67 and 13.1 times, respectively, at an all-time low. Policy support and connectivity reforms are expected to support restoration. The allocation is recommended to balance growth and dividends: the growth direction lays out the four major directions of biotechnology, AI applications, intelligent driving, and embodying intelligence; dividends are weighed by debt-like bonds to balance dividend growth.

CITIC Securities released the 2027 Hong Kong Stock Market Investment Strategy Research Report, stating that in 2026, Hong Kong stocks were dragged down by weakening domestic demand profits and liquidity pressure, showing a “performance+valuation” double kill. Looking ahead to 2027, Hong Kong stock profits will grow moderately. The Hang Seng Index and Hang Seng Composite Index are expected to increase by 7.4% and 9.9% respectively, and Hang Seng Technology will accelerate to 24.8%, and the consumer and technology succession cycle will become the main increase. Overseas interest rate hikes are expected to be fully priced, and the Federal Reserve may restart interest rate cuts in the second half of the year. The pressure on discount rates has eased, but the lifting of the financing ban and the slowdown in capital inflows to the south made the capital situation still tight in the first half of 2027. Currently, the Hang Seng Index and Hang Seng Technology Dynamic PE are 9.67 and 13.1 times, respectively, at an all-time low. Policy support and connectivity reforms are expected to support restoration. The allocation is recommended to balance growth and dividends: the growth direction lays out the four major directions of biotechnology, AI applications, intelligent driving, and embodying intelligence; dividends are weighed by debt-like bonds to balance dividend growth.