港股市场速览：市场高位回撤，风格与行业分化

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Insights - The market is experiencing a high-level pullback with differentiation in styles and sectors, as evidenced by the performance of various indices [1] - There is significant capital inflow into non-bank financials and pharmaceuticals, indicating strong investor interest in these sectors [2] - Earnings per share (EPS) expectations have been revised upward for several industries, particularly steel and consumer services, suggesting a positive outlook for these sectors [3] Summary by Sections Market Performance - The Hang Seng Index fell by 1.5%, while the Hang Seng Technology Index decreased by 2.3%. In contrast, small-cap stocks outperformed with a gain of 2.3% [1] - Among the concept indices, the Hang Seng Innovation Drug Index rose by 7.7%, while the Hang Seng Internet Index dropped by 2.4% [1] Capital Flow - The average daily capital inflow into Hong Kong Stock Connect constituents was +4.8 million HKD per day, down from +19.9 million HKD the previous week [2] - Key sectors with capital inflow included non-bank financials (+3.6 million HKD/day) and pharmaceuticals (+3.1 million HKD/day) [2] Earnings Forecast - Overall EPS expectations for Hong Kong Stock Connect constituents were revised up by 0.2%, with notable increases in the steel sector (+2.1%) and consumer services (+2.1%) [3] - Four sectors saw downward revisions in EPS expectations, including non-ferrous metals (-0.7%) and coal (-0.7%) [3] Sector Performance - The top-performing sectors included comprehensive services (+17.6%), electric equipment and new energy (+10.9%), and steel (+9.6%) [16] - Conversely, the weakest sectors were retail trade (-4.1%) and media (-2.8%) [16]