招商策略：流动性改善支持港股补涨 关注创新药与互联网机会

Group 1 - The core viewpoint is that the recent tightening of liquidity in Hong Kong stocks has shown signs of marginal improvement, supported by rising Hibor rates stabilizing and a dovish shift in Powell's statements [1] - The improvement in liquidity is sufficient to support a phase of rebound in Hong Kong stocks, narrowing the gap with the rapidly rising A-shares [1] - The earnings pre-joy rate for Hong Kong stocks is at its highest since 2022, indicating positive performance expectations [1] Group 2 - In previous bull markets, the Hong Kong stock index has underperformed compared to A-shares, suggesting a need for differentiated investment strategies in the current cycle [1] - The recommendation is to focus on innovative pharmaceuticals first (due to loose liquidity and positive BD data), followed by the internet sector (where earnings pressure is fully priced in), and finally new consumption (awaiting macroeconomic and profit turning points) [1]