Group 1 - The core viewpoint indicates that the overall performance of Hong Kong stocks is currently under pressure, particularly in the retail, automotive, and semiconductor sectors, while hardware, materials, finance, and pharmaceuticals show high growth [1][2] - The earnings per share (EPS) growth expectations for Hong Kong stocks have been significantly revised down since the third quarter, mainly due to the drag from discretionary consumption, although materials, pharmaceuticals, technology, and finance sectors have seen upward revisions [1][2] - The recent announcements of large-scale infrastructure investment plans by overseas tech giants reflect an optimistic outlook on AI application returns, suggesting a potential shift in the narrative for Hong Kong internet stocks towards AI empowerment in the fourth quarter [1][3] Group 2 - The impact of the recent food delivery subsidy war is beginning to show, affecting the performance of some leading Hong Kong internet companies, leading to overall pressure on the mid-year earnings reports [1][2] - Despite the challenges faced by retail leaders, the technology sector, including hardware, software services, materials, diversified finance, and pharmaceuticals, has reported high growth in their mid-year earnings [1][3] - The second half of the year may see a turnaround in the fundamentals of Hong Kong stocks, with the potential for continued bullish trends, supported by easing policies and increased foreign capital inflow [3]
海通国际：三季度以来港股EPS增速预期明显下修 下半年基本面或迎来转机