Zheng Quan Shi Bao Wang·2025-11-24 00:08Core Viewpoint - Huatai Securities reports that recent market volatility is primarily driven by liquidity, sentiment, and risk appetite, but remains optimistic about the domestic asset revaluation trend and the demand for core assets [1] Group 1: Market Conditions - The current market volatility has raised concerns among investors regarding the divergence between weakening economic data and the stock market [1] - The adjustment in the Hong Kong stock market occurred earlier and has seen a deeper decline compared to the A-share market, indicating a potential for value [1] Group 2: Investment Recommendations - Short-term capital may continue to seek refuge and shift between high and low sectors, with a focus on consumer services, construction, textiles and apparel, and home appliances, which have underperformed this year [1] - In the third round of revaluation since August, certain industries have seen limited gains but significant recent declines, suggesting a higher probability of being "wronged," particularly in electronics, pharmaceuticals, automotive, and light manufacturing [1] - The technology sector in Hong Kong has experienced considerable pullbacks, and while sensitivity to positive catalysts has decreased amid falling risk appetite, there remains a revaluation opportunity once liquidity conditions improve [1]