港股2025年下半年投资策略：港股业绩靓丽，进可攻，退可守

Group 1 - The report highlights that Hong Kong stocks have shown strong performance, driven by impressive earnings and reasonable valuations, with a significant lead over global indices in the first half of the year [2][4]. - Key drivers for Hong Kong stocks include strong earnings from sectors such as technology, internet, pharmaceuticals, and new consumption, as well as increased share buybacks and a favorable IPO environment [2][4]. - The report suggests that the risks for Hong Kong stocks are primarily external, and despite these risks, it is expected that Hong Kong stocks will continue to generate excess returns [2][4]. Group 2 - The report identifies several sectors for investment: internet leaders, commodities, telecommunications and utilities, pharmaceuticals, and companies with upgraded earnings forecasts [2][4]. - Internet leaders are expected to perform well due to their stable competitive landscape and large user bases, while commodities are in an upward price cycle, providing a hedge against potential stagflation [2][4]. - The report emphasizes the importance of maintaining a balanced portfolio, particularly in the pharmaceutical and new consumption sectors, which may face valuation pressures due to rising U.S. Treasury yields [2][4].