港股6月投资策略：IPO火热给港股投资带来更多选择

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [2][4]. Core Viewpoints - The hot IPO market provides more investment options for Hong Kong stocks, supported by upward revisions in earnings, increasing southbound capital, and a weakening US dollar index [2][64]. - The report suggests holding positions in Hong Kong stocks, with no further accumulation above 22,500 points [2]. - The report emphasizes a shift from sentiment-driven to earnings-driven market dynamics in A-shares, indicating a correlation between performance and earnings revisions [2][50][53]. Summary by Sections US Market Outlook - The report predicts a rapid rise in US core inflation to around 3.8% in the second half of the year, driven by tariff-induced price increases [2][10]. - It highlights significant volatility expected in US stock and bond markets in Q3, advising investors to prepare for uncertainty [2][10]. A-Share Market Insights - Following Q1 earnings reports, there is a notable performance divergence among sectors, with earnings-driven and undervalued stocks becoming the main focus [2][50]. - Analysts have revised earnings forecasts for various indices, with significant downward adjustments for the STAR 50 index and upward revisions for dividend, CSI 500, Shenzhen Component, and CSI 1000 indices [2][50]. Hong Kong Stock Market Analysis - The report identifies key sectors for investment: cloud computing (Tencent and Alibaba), new consumption and pharmaceuticals, dividend stocks (telecoms, banks, public utilities), and opportunities in new IPOs [2][64]. - The report notes that the median increase in share price for new IPOs with a market cap over 30 billion HKD has reached 128% this year [2][72]. - It emphasizes the strong correlation between the performance of Hong Kong stocks and earnings revisions, suggesting a focus on stocks with upward earnings revisions [2][75].