Ge Long Hui·2025-11-24 00:23Group 1 - The core viewpoint is that recent market volatility is primarily driven by liquidity, sentiment, and risk appetite, but the overall outlook remains optimistic despite concerns about economic data diverging from the stock market [1] - The domestic asset revaluation theme remains unchanged, with a persistent demand for core assets, necessitating a more discerning allocation strategy as valuations shift towards earnings [1] - Hong Kong stocks have experienced an earlier and deeper adjustment compared to A-shares, indicating a potential for value at the current position [1] Group 2 - Short-term capital may continue to seek safety and shift between high and low sectors, with a recommendation to focus on consumer services, construction, textiles, 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, indicating a higher probability of being "wrongly punished," with a focus on electronics, pharmaceuticals, automotive, and light manufacturing [1] - The technology sector in Hong Kong has faced considerable pullbacks, and while sensitivity to positive catalysts has decreased amid falling risk appetite, there remains a revaluation opportunity once liquidity conditions improve [1]