港股市场速览：科技巨头带动整体市场持续回撤

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Insights - The overall market is experiencing a pullback driven by technology giants, with the Hang Seng Index down by 1.1% and the Hang Seng Composite Index down by 1.2% [1] - Valuation levels for most industries are declining, with the Hang Seng Index's forward P/E ratio decreasing by 1.7% to 11.6x [2] - Earnings expectations have been adjusted upwards overall, with the Hang Seng Index's EPS increasing by 0.3% compared to the previous week [3] Summary by Sections Market Performance - The Hang Seng Index decreased by 1.1%, while the Hang Seng Composite Index fell by 1.2%. Mid-cap stocks outperformed small-cap and large-cap stocks [1] - Among major concept indices, the Hang Seng Consumer Index rose by 0.3%, while the Hang Seng Internet Index dropped by 2.9% [1] Valuation Levels - The valuation of the Hang Seng Index decreased by 1.7% to 11.6x, and the Hang Seng Composite Index's valuation fell by 2.4% to 11.4x [2] - The most significant valuation increase was in the basic chemicals sector (+11.6%), while the real estate sector saw the largest decline (-19.0%) [2] Earnings Expectations - The EPS for the Hang Seng Index increased by 0.3%, and the Hang Seng Composite Index's EPS rose by 1.2% compared to the previous week [3] - The real estate sector saw a substantial EPS upward revision of 20.5%, while the basic chemicals sector experienced a downward revision of 10.2% [3]