有行业催化剂或利好因素的半导体、消费电子、黄金及电讯股等走势较强，其他板块跌幅都较为明显，特别是权重的内

Investment Rating - The report maintains a cautious outlook on the Hong Kong stock market, indicating that the Hang Seng Index is likely to remain in a range-bound movement due to weak economic fundamentals and potential downward revisions in earnings forecasts [3][5]. Core Insights - The report emphasizes that the recovery of the Hong Kong stock market hinges on solid fundamental data and further fiscal stimulus, despite the easing liquidity pressures from rising expectations of interest rate cuts by the Federal Reserve [3][5]. - The report highlights the mixed performance across sectors, with semiconductor, consumer electronics, and gold stocks showing resilience, while sectors like banking and internet stocks faced significant declines [1][3]. Summary by Relevant Sections Macro Dynamics - The Federal Reserve Chairman Powell reiterated that interest rate cuts would not wait for inflation to reach 2%, with market expectations for a 100% chance of a rate cut in September [1][3]. - The U.S. 10-year Treasury yield has fallen to 4.18%, reflecting the market's anticipation of rate cuts [1][3]. Industry Dynamics - In the consumer sector, Uni-President (220 HK) faced food safety issues, leading to a 10% drop in its stock price, while its competitor, Master Kong (322 HK), also saw a decline of 4.6% [1]. - The electric vehicle sector showed positive signs with Leap Motor (9863 HK) reporting cumulative deliveries exceeding 400,000 units, although its stock has dropped 14% over the past month [1]. - The pharmaceutical sector outperformed the Hang Seng Index, with several leading companies like Innovent Biologics (1801 HK) and CanSino Biologics (9926 HK) showing gains [1]. Market Strategy - The report suggests focusing on high-dividend state-owned enterprises and sectors with policy or earnings catalysts, such as semiconductors and consumer electronics, while remaining cautious about overall market recovery due to weak domestic consumption [3][5]. - In the U.S. market, the report notes a potential rotation towards small-cap stocks as the economic data remains mixed, with a recommendation to control positions and take profits where possible [3][5].