Core Viewpoint - The Hong Kong stock market is currently in a consolidation phase, having largely completed the macroeconomic impact recovery process, with the Hang Seng Index approaching its March high due to themes in new consumption and pharmaceuticals [1][2] Market Conditions - The recent rise in the Hong Kong stock market is supported by a significant reduction in tariff uncertainties and a stabilization of the RMB exchange rate, alongside ample liquidity in the Hong Kong dollar market [2][3] - Despite the favorable liquidity environment, the Hang Seng Technology Index remains in a sideways trend, indicating that strong upward catalysts are still needed for the technology sector [2] Investment Opportunities - The current market conditions present a favorable window for investors, particularly as the technology sector has seen a release of valuation pressure, transitioning from a structural market to a broader rally [3] - The improvement in risk sentiment and liquidity provides a necessary foundation for the next phase of technology stock rallies, with the potential for significant upward movement as the narrative themes evolve [3]
交银国际：港股进入交易顺畅期 科技板块有望成下一轮上涨行情重要引擎