Tianfeng Securities: Optimistic about the overall valuation reassessment of Hong Kong stocks in the context of aggressive + evolutionary changes in Chinese concepts.

Jin10 data reported on July 4 that Tianfeng Securities' research report expresses optimism about the overall valuation re-evaluation of Hong Kong stocks under the themes of aggression and evolution. The Hang Seng Index and the Hang Seng Technology Index have significant valuation advantages; as of July 1, 2025, the TTM P/E ratio of the Hang Seng Index is 10.68, with a ten-year P/E percentile of 63.98%, and a dividend yield of 3.93%. The TTM P/E ratio of the Hang Seng Technology Index is 20.10, with a historical P/E percentile of 8.95%, indicating a historically low valuation level. We believe that unlike the previous emphasis on shareholder returns by internet companies, the Chinese concept of internet companies will return to aggression and evolution in 2025. The layout of AI business is expected to boost the overall valuation level of Chinese internet companies while also helping internet companies enhance efficiency.