港股市场速览：市场分化大，中上游传统行业较优

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Insights - The market shows significant differentiation, with strong performance in midstream and traditional industries [1] - The Hang Seng Index increased by 1.3%, while the Hang Seng Composite Index rose by 0.8% [1] - Major sectors that performed well include steel (+8.5%), coal (+6.8%), and oil & petrochemicals (+6.5%) [1][2] - Valuation levels have generally increased, with the Hang Seng Index's forward P/E ratio rising to 12.0x [2] - Earnings expectations have been adjusted, with a 0.4% increase in the Hang Seng Index's EPS [3] Market Performance Overview - The Hang Seng Index's performance over various time frames shows a 30.8% increase year-to-date [12] - The report highlights a clear divergence in sector performance, with 21 sectors rising and 9 sectors declining [1] - The report notes that the overall market and major indices have shown positive returns over the past weeks [14] Valuation Levels - The overall valuation for the Hang Seng Index has increased by 0.9% to 12.0x, with notable increases in sectors like oil & petrochemicals (+7.2%) and coal (+5.6%) [2] - The report indicates that 19 sectors saw valuation increases, while 10 sectors experienced declines [2] Earnings Expectations - The report indicates a mixed adjustment in earnings expectations, with 17 sectors seeing upward revisions and 7 sectors experiencing downward adjustments [3] - Significant upward revisions were noted in the steel sector (+20.1%) and computer sector (+7.0%) [3]