中信证券：恒科2025年中报有望呈现“稳健为主、向上有弹性”的格局

Core Viewpoint - The report from CITIC Securities indicates that the mid-year performance of Hong Kong stocks in 2025 is expected to be released in late August, with a significant increase in revenue growth compared to the same period last year, although profit growth may moderate [1] Group 1: Industry Insights - Certain sectors, such as new consumption, technology, and pharmaceuticals, are showing an increasing trend in confidence, with upward revisions in earnings expectations prior to the financial report disclosures [1] - The Hang Seng Technology Index has seen a slight downward adjustment in earnings expectations, primarily due to disruptions from delivery subsidies affecting a few internet platforms, but these negative impacts have been fully priced in by the market [1] - Other sub-sectors generally exhibit upward revisions in earnings expectations, particularly in new energy vehicles, semiconductors, and consumer electronics, with new energy vehicles and semiconductors showing significant divergence in earnings expectations, indicating higher elasticity [1] Group 2: Earnings Outlook - The earnings expectations for consumer electronics are less varied but demonstrate strong certainty in market conditions [1] - Overall, the mid-year report for the Hang Seng Technology Index in 2025 is anticipated to present a pattern of "stability as the main focus, with upward elasticity" [1]