港股市场速览：“反内卷”加速演绎，但量价节奏放缓

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Viewpoints - The Hong Kong stock market is experiencing a "de-involution" trend, with significant gains in upstream industries. The Hang Seng Index rose by 2.3% and the Hang Seng Tech Index increased by 2.5% [1] - The report highlights that the overall EPS forecast for the Hong Kong Stock Connect has been revised upward by 0.4%, with the steel industry seeing a notable increase of 14.2% in EPS expectations [3] Summary by Sections Market Performance - The Hang Seng Index increased by 2.3%, while the Hang Seng Tech Index rose by 2.5%. Mid-cap stocks outperformed large-cap and small-cap stocks, with mid-cap stocks up by 3.9% [1] - Among the major concept indices, the Hang Seng High Dividend Index led with a 4.2% increase, while the Hang Seng Innovation Drug Index lagged with only a 0.6% increase [1] Fund Flow - The average daily fund inflow decreased to HKD 1.26 billion from HKD 1.41 billion the previous week. A total of 28 industries saw fund inflows, with non-bank financials leading at HKD 230 million per day [2] Earnings Forecast - The overall EPS forecast for the Hong Kong Stock Connect was revised upward by 0.4%, with 28 industries seeing upward revisions. The steel industry had the highest upward revision at 14.2% [3]