港股市场速览：多数行业协同反弹，中上游表现较优

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Viewpoints - The Hong Kong stock market has shown a rebound, with most industries performing well, particularly in the upstream and midstream sectors [1] - The Hang Seng Index increased by 1.4% and the Hang Seng Composite Index rose by 2.0% during the week, with small-cap stocks outperforming mid and large-cap stocks [1] - Among the concept indices, the Hang Seng Automotive and Hang Seng Consumer indices performed strongly, while the Hang Seng Biotechnology and Hang Seng Technology indices lagged [1] Summary by Sections Market Performance - The Hang Seng Index's valuation increased by 1.9% to 11.4x, while the Hang Seng Composite Index's valuation rose by 2.3% to 11.6x [2] - The Hang Seng Consumer index saw a significant valuation increase of 3.4% to 15.7x, while the Hang Seng Biotechnology index experienced a slight decline of 0.7% to 26.3x [2] - A total of 26 industries saw valuation increases, with notable rises in non-ferrous metals (+11.0%), coal (+7.8%), and steel (+7.6%) [2] Earnings Expectations - The earnings per share (EPS) for the Hang Seng Index was slightly revised up by 0.1%, while the Hang Seng Composite Index's EPS increased by 0.2% [3] - The Hang Seng Biotechnology index had the largest EPS upward revision of 2.8%, while the Hang Seng High Dividend index saw a downward revision of 0.2% [3] - A total of 15 industries had EPS upward revisions, with significant increases in electronics (+2.7%) and comprehensive finance (+2.1%) [3]