港股策略：在“歇脚”期寻找机会

Core Insights - The report indicates that after a strong start to the year, the Hong Kong stock market has entered a period of consolidation, with the technology and internet sectors being the main contributors to the earlier gains [2][3] - Despite the recent slowdown, the overall market remains active, with average daily trading volumes exceeding HKD 200 billion, significantly higher than the historical average of around HKD 1000 billion over the past decade [5][6] - The report highlights that foreign capital has been optimistic about the Hong Kong market, with significant inflows into technology and consumer sectors, driven by the performance of the Nasdaq Golden Dragon China Index [8][11] Market Performance - The technology sector has outperformed the Hang Seng Index, with notable increases of 32.0% in information technology, 27.5% in discretionary consumption, and 18.7% in healthcare [3][4] - High-dividend sectors such as materials, energy, and finance have seen slight rebounds during the recent market fluctuations [3] Capital Flows - Southbound capital has accelerated its inflow into the Hong Kong market since Q4 2024, influenced by declining domestic risk-free interest rates and improved industry expectations, particularly in AI-related companies [11] - The report notes a shift in domestic investors' preferences from high-dividend sectors to technology and consumer industries, reflecting a growing interest in growth potential [11] Earnings and Valuation - Recent earnings reports from major technology companies have exceeded market expectations, with many planning to increase capital expenditures in computing and AI [12][14] - As investor expectations adjust and valuations recover to historical averages, there is increasing divergence in views regarding corporate earnings and future growth potential [14] Investment Strategy - The report recommends maintaining a "barbell" investment strategy, focusing on both technology and hardware sectors for revaluation opportunities while also holding stable high-dividend sectors for reliable income [15]