港股市场速览：市场整体上行，互联网涨幅领先

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Viewpoints - The overall market has shown significant upward movement, with the internet sector leading the gains [1] - Valuation levels have increased significantly, with notable differentiation across industries [2] - Earnings expectations have been revised upwards for most industries, indicating positive sentiment [3] Summary by Sections Market Performance - The Hang Seng Index increased by 3.8%, while the Hang Seng Composite Index rose by 4.1% [1] - Large-cap stocks outperformed small-cap and mid-cap stocks, with gains of 4.5%, 2.6%, and 2.1% respectively [1] - The strongest performing sectors included retail (+9.6%), computer (+7.9%), and real estate (+6.8%), while the weakest were power equipment and new energy (-2.3%) and oil and petrochemicals (-2.2%) [1] Valuation Levels - The Hang Seng Index's valuation rose by 4.9% to 12.3x, and the Hang Seng Composite Index's valuation increased by 3.8% to 12.4x [2] - The internet sector saw the largest valuation increase of 8.1% to 18.6x, while the consumer sector experienced a decline of 0.8% to 15.8x [2] - A total of 19 industries saw valuation increases, with basic chemicals (+18.5%) and retail (+8.9%) leading the way [2] Earnings Expectations - The Hang Seng Index's EPS was adjusted downwards by 0.3%, while the Hang Seng Composite Index's EPS was revised upwards by 0.5% [3] - The technology sector had the largest EPS upward revision of 0.6%, while the biotechnology sector saw a significant downward revision of 3.9% [3] - Overall, 22 industries had EPS revisions upwards, with notable increases in light industry (+11.3%) and steel (+6.3%) [3]