港股市场速览：市场再度启动，风格转换显著

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Viewpoints - The market has restarted with a significant style shift, with mid-cap stocks outperforming large-cap and small-cap stocks [1] - The overall valuation has slightly increased, with notable divergence across industries [2] - Earnings expectations have been revised upward, particularly in the automotive sector [3] Summary by Sections Market Performance - The Hang Seng Index increased by 0.3%, while the Hang Seng Composite Index rose by 1.9% [1] - Mid-cap stocks (Hang Seng Midcap Index) outperformed large-cap (Hang Seng Large Cap Index) and small-cap stocks (Hang Seng Small Cap Index) [1] - Strongest performing sectors included textiles and apparel (+5.9%), automotive (+5.5%), and light industry manufacturing (+5.1%) [1] Valuation Levels - The Hang Seng Index's valuation increased by 0.4% to 11.7x, and the Hang Seng Composite Index's valuation rose by 0.7% to 12.0x [2] - The Hang Seng Consumer Index saw a significant valuation increase of 2.8% to 16.7x [2] - 18 industries experienced valuation increases, with steel (+33.3%) and textiles and apparel (+5.8%) showing the largest gains [2] Earnings Expectations - The EPS for the Hang Seng Index was revised up by 0.2%, while the Hang Seng Composite Index's EPS increased by 0.3% [3] - The automotive sector saw a notable EPS increase of 2.4% [3] - 18 industries had upward revisions in EPS, with light industry manufacturing (+4.5%) and national defense (+3.8%) showing significant improvements [3]