港股开盘 | 恒指低开0.77% 科网股多数下跌

Group 1 - The Hang Seng Index opened down 0.77%, with the Hang Seng Tech Index falling 1.2%. Most tech stocks declined, including Alibaba down over 2%, JD Group down 2%, and NetEase down nearly 3%. In contrast, new energy vehicle stocks were active, with Xpeng Motors rising nearly 2% [1] - CITIC Securities predicts that the upcoming half-year earnings report period in August will be a crucial point for the continuation of the Hong Kong stock market. The market is expected to shift from liquidity-driven to performance-driven and policy validation phases, with stocks exceeding earnings expectations likely to benefit [1] - Industrial Securities maintains a bullish outlook on Hong Kong stocks, expecting a long-term bull market driven by increasing investor confidence, particularly among Chinese investors. The firm anticipates a continued upward trend in the second half of the year, with potential new highs [1] Group 2 - Cathay Pacific Securities forecasts that the Hong Kong stock market will continue its bull market trend in the second half of the year, driven by incremental capital inflows and structural asset advantages. The firm notes that the overall reduction pressure from stock unlocks has eased, although high valuations in new consumption sectors may still face unlock pressure [2] - Huatai Securities attributes recent market corrections to adjustments in internal and external expectations but maintains that the medium-term liquidity easing logic remains unchanged. The firm recommends focusing on sectors with improving sentiment and low valuations, particularly in technology [2] - Bank of China International reports that the Hong Kong Monetary Authority's sale of USD for HKD has minimal impact on the stock market, as these funds are primarily risk-averse. The firm predicts the Hang Seng Index will reach 27,500 points by the end of the year, with a forecasted P/E ratio of 12.3 times, reflecting a 5% premium over the past 20-year average [3]