港股市场速览：风险偏好下降，多数行业回调

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Insights - The report indicates a decline in risk appetite, leading to a pullback in most industries, with the Hang Seng Index down by 1.6% and the Hang Seng Composite Index down by 1.2% [1] - Among the sectors, steel (+2.8%), non-ferrous metals (+2.6%), and retail (+2.0%) showed positive performance, while computer (-4.9%), light industry manufacturing (-4.0%), and textiles and apparel (-3.9%) faced significant declines [1] - Overall valuation levels have decreased, with the Hang Seng Index's forward P/E ratio dropping to 12.2x, a decline of 1.4% [2] - Earnings expectations have been revised upwards for most sectors, with the Hang Seng Index's EPS increasing by 0.1% [3] Summary by Sections Market Performance - The Hang Seng Index decreased by 1.6%, while the Hang Seng Composite Index fell by 1.2% [1] - Large-cap stocks outperformed small-cap and mid-cap stocks, with declines of 1.0%, 1.9%, and 2.3% respectively [1] Valuation Levels - The overall valuation of the Hang Seng Index decreased by 1.4% to 12.2x, with the Hang Seng Composite Index at 12.1x [2] - The only major index to see an increase in valuation was the Hang Seng Internet, which rose by 0.4% to 19.1x [2] Earnings Expectations - The EPS for the Hang Seng Index was revised up by 0.1%, with notable increases in the automotive sector (+0.3%) [3] - The steel sector saw the largest upward revision in EPS at +7.8%, while construction and non-bank financial sectors experienced slight downward adjustments [3]