浦银国际港股市场情绪指数：港股风险偏好改善，再提升或需新催化剂

Group 1 - The core viewpoint of the report indicates that the sentiment index for the Hong Kong stock market is at a level of 0.67, which is 1.5 standard deviations above its one-year moving average, reflecting an optimistic sentiment [2][5] - The sentiment index has shown volatility due to geopolitical tensions in the Middle East, which caused a temporary decline to -0.18, but it has since recovered following a ceasefire agreement [2][5] - The report highlights that nine out of thirteen indicators contributing to the sentiment index have shown strong improvement, including increased main board trading volume and a shift from net outflow to net inflow of foreign capital [2][5][6] Group 2 - The report suggests a short-term investment strategy focusing on technology sectors, as previous high-performing sectors like new consumption and innovative pharmaceuticals may face profit-taking pressure [2][5] - It emphasizes the importance of maintaining a barbell strategy, increasing allocation to technology stocks that benefit from AI development while also ensuring stable cash flow from dividend-paying stocks [2][5] - The report notes that the forward P/E ratio of the Hang Seng Index is currently at 10.3 times, indicating a potential for further valuation recovery, although new catalysts are needed for significant upward movement [2][5]