--- title: "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" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/280804751.md" description: "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" datetime: "2026-03-27T13:49:10.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280804751.md) - [en](https://longbridge.com/en/news/280804751.md) - [zh-HK](https://longbridge.com/zh-HK/news/280804751.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/280804751.md) | [English](https://longbridge.com/en/news/280804751.md) # 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 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. 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