短期规避风险，微盘股尤需警惕，耐心等待布局时机

Investment Focus - The report indicates that the market has entered a corrective phase, advising investors to take advantage of any rebound highs to trim positions and redeploy once the pull-back is complete [1][7] - The Hang Seng Index fell by 1.3%, while the Hang Seng Tech Index dropped by 1.5%, indicating a downward trend across major indices [1][7] - The report highlights the potential in blockchain and cross-border payment sectors driven by Hong Kong's forthcoming stable-coin ordinance, although the near-term staying power of this theme is limited [1][7] Market Conditions - Southbound capital flows recorded an inflow of HKD 28.1 billion, with short-selling turnover falling to 14% as Hong Kong shares retreated [2][9] - The AH premium remains stable at 141, indicating a challenging environment for further compression [2][9] - The report notes that the HIBOR remains low, but carry trades have pushed the USD/HKD exchange rate close to the weak-side convertibility limit of 7.85 [2][9] A-Share Market Insights - Micro-cap stocks continue to dominate turnover, with the Micro-Cap Index rising by 2.7% this week, but regulatory tightening on speculation is leading to significant losses in these stocks [3][10] - The SSE 50 index has already declined by 1.2%, suggesting that losses in micro-caps could further escalate [3][10] - The report advises investors to avoid overheated A-share micro-caps and Hong Kong "new consumption" plays for the time being, recommending patience until clearer support levels are reached [3][11] Sector Recommendations - The report suggests accumulating positions in internet and AI application leaders during the pull-back, with potential catalysts including the launch of DeepSeek R2 and accelerated deployment of AI agents [3][11] - It is recommended to consider incremental investments in large- and mid-cap stocks if they experience significant corrections [3][11]