【大行报告】中泰国际：中报业绩期将集中验证基本面，市场有理由高位整固

Core Viewpoint - The Hong Kong stock market is currently in a high-level consolidation phase, with trading volume decreasing to HKD 200.9 billion, indicating a rise in cautious sentiment among investors as the mid-year reporting season approaches [1] Group 1: Market Conditions - The valuation of the Hong Kong stock market has significantly recovered in the short term, with the Hang Seng Index's forecast PE returning to the mid-point of 2018-2019 [1] - The risk premium is at historical lows, and the AH premium has reached a nearly six-year low, suggesting a more stable market environment [1] - August marks the seasonal off-peak period for Hong Kong stocks, leading to a concentrated verification of fundamentals during the mid-year reporting period [1] Group 2: Sector Analysis - The upstream resource sector is expected to see continued profit elasticity due to supply contraction driven by anti-involution policies [1] - In the technology and consumer sectors, attention should be paid to self-controllable areas such as semiconductors and AI computing power, as well as beneficiaries of fertility subsidies, including maternal and infant care and local living services [1]