This week (March 23 - 27), the Hong Kong stock market showed a fluctuating and differentiated pattern, with significant differences in sector performance: the pharmaceutical and healthcare sector led the gains against the trend, while technology, consumption, and other new economy sectors adjusted simultaneously. The inflow of southbound funds significantly increased, with a net purchase exceeding HKD 25 billion for the week.
On the index level, the performance of various sub-sectors was differentiated: the CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Composite Index rose 3.1% during the week, becoming the only core index in the sector to close in positive territory; the Hang Seng Hong Kong Stock Connect New Economy Index slightly declined by 0.5%, showing relatively stable overall performance; the CSI Hong Kong Stock Connect Internet Index and the Hang Seng Technology Index fell by 1.7% and 1.9%, respectively; the CSI Hong Kong Stock Connect Consumption Theme Index had the largest decline, dropping 4.4% during the week.
From the perspective of index valuation and historical performance (data source: Wind, as of March 26, 2026):
Hang Seng Hong Kong Stock Connect New Economy Index: rolling price-to-earnings ratio of 24.0 times, with a valuation percentile of 48.9% since its release in 2018, covering three core areas of the new economy: information technology, consumer discretionary, and healthcare;
Hang Seng Technology Index: rolling price-to-earnings ratio of 21.8 times, with a valuation percentile of 21.8% since its release in 2020, with information technology and consumer discretionary sectors accounting for over 90%;
CSI Hong Kong Stock Connect Pharmaceutical and Healthcare Composite Index: rolling price-to-earnings ratio of 35.9 times, with a valuation percentile of 56.3% since its release in 2017, with the healthcare sector accounting for over 90%, and a cumulative increase of 1.6% this year;
CSI Hong Kong Stock Connect Internet Index: rolling price-to-earnings ratio of 22.7 times, with a valuation percentile of 15.3% since its release in 2021;
CSI Hong Kong Stock Connect Consumption Theme Index: rolling price-to-earnings ratio of 15.3 times, with a valuation percentile of 0.0% since its release in 2020, at a historical low.
On the funding side, as of March 26, the Hang Seng Technology ETF managed by E Fund (513010, linked fund A/C: 013308/013309), which tracks the Hang Seng Technology Index, has attracted over HKD 2 billion in the past month. The E Fund's series of Hong Kong Stock Connect ETFs are mostly low-fee varieties.
Risk warning: Funds carry risks, and investment should be cautious

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This week (from March 23 to 27), the Hong Kong stock market experienced fluctuations and differentiation, with the healthcare sector rising against the trend by 3.1%, becoming the only core index to increase. Southbound funds saw significant inflows, with a net purchase exceeding HKD 25 billion. The technology and consumer sectors, part of the new economy, performed relatively weakly, with the Hang Seng SCHK New Economy Index slightly declining by 0.5%. Overall, the capital market is active, with the E Fund Technology ETF attracting over RMB 2 billion in the past month. Investment should be approached with caution

腾讯新闻 - 财经

E Fund CSI Biotechnology Theme ETF

HSTECH ETF

Penghua CSI HK Connect Health Care Composite ETF

Yinhua CSI Innovative Drugs Industry ETF

E Fund Hang Seng SCHK Innovative Drug ETF

ChinaAMC Hang Seng Biotechnology Technology ETF(QDII)

China Southern Hang Seng Biotech ETF(QDII)

CSOP HEALTHCARE

Ping An CSI Medicine and Medical Device Innovation ETF

Penghua SSE STAR Biology and Medicine ETF

Huaan Hang Seng Biotech ETF

ICBCCS SSE STAR Biology and Medicine ETF

Hwabao WP Hang Seng SCHK Innovative Drug Select ETF

EFUND BIOPHAR ETF

Founder Fubon CSI Medicine and Medical Device Innovation ETF

Hang Seng Index

Guotai CSI Bio-medicine ETF

Hang Seng Composite Index

Bosera Hang Seng Health Care ETF(QDII)

Fullgoal Hang Seng SCHK Innovative Drug & Healthcare ETF

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

Minsheng Royal CSI Biotechnology Theme ETF

ChinaAMC Hang Seng Technology ETF(QDII)

GF CSI HK Innovative Drugs Industry ETF(QDII)

Dacheng Hang Seng Technology ETF(QDII)

ChinaAMC SSE STAR Biology and Medicine ETF

E Fund Hang Seng Technology ETF(QDII)

Bosera Hang Seng SCHK Innovative Drug Select ETF

Harvest Hang Seng HK Equities New Economy Index Fund(LOF)-A

Hang Seng TECH ETF I

Tianhong Hang Seng TECH ETF(QDII)

ChinaAMC CSI Biotechnology Theme ETF

Hang Seng TECH Index

Tianhong CNI BIOMEDICINE ETF

ChinaAMC SSE Health Care ETF Initiating Fund

China Merchants CSI Biotechnology Theme ETF

E Fund CSI 300 Health Care ETF

The Hong Kong stock market's new economy sector experienced fluctuations and differentiation throughout the week, with the pharmaceutical sector leading the gains and significant inflows of southbound funds