港股开盘 | 恒生指数低开0.38% 科网股领跌

Group 1 - The Hang Seng Index opened down 0.38%, and the Hang Seng Tech Index fell by 0.52%, with tech stocks leading the decline [1] - CITIC Securities anticipates a transitional phase lasting 3-4 months before a potential bull market in the index from late Q3 to Q4, citing weak domestic demand and price signals [2] - China International Capital Corporation (CICC) notes that while the Hong Kong market outperformed A-shares in the first half of the year, the rebound has been characterized by "pulse-like surges and retreats," with only about 35% of stocks outperforming the index [2][3] Group 2 - Long江 Securities highlights that since Q2, the Hong Kong market has quickly recovered dividends to new highs, although the Hang Seng Tech Index has not yet reached pre-tariff disruption levels, indicating a defensive demand for high-dividend stocks [3] - Guotai Junan emphasizes that despite a lack of upward elasticity at the macro level, profound changes in the industry are occurring, with new consumption and AI applications becoming more attractive to the market [2] - The overall liquidity in the Hong Kong market is improving, and any fluctuations in overseas markets may present good opportunities for increasing positions [2]