天风证券：外部约束仍在，港股结构性机会延续

Group 1 - The core viewpoint indicates that the Hong Kong stock market has a foundation for short-term rebound supported by valuation recovery and improved sentiment, but faces constraints on upward elasticity and sustainability due to high overseas interest rates and limited rate cut expectations [1] - The mid-term overall judgment remains cautiously optimistic [1] - The allocation suggestion emphasizes a value-oriented approach with growth as a supplement, prioritizing attention on technology and consumer sectors that have shown relatively strong recent performance and are still at relatively low valuations [1]