港股市场速览：中小盘与多数行业表现较优

Investment Rating - The report maintains an "Outperform" rating for the Hong Kong stock market [4] Core Viewpoints - The overall market performance is stable, with small-cap and most sectors showing better performance compared to large-cap stocks [1] - The valuation levels have slightly decreased, but most sectors have seen improvements [2] - Earnings expectations have been steadily revised upwards for the overall market and most sectors [3] Summary by Sections Market Performance - The Hang Seng Index decreased by 0.4%, while the Hang Seng Composite Index fell by 0.1% [1] - Small-cap stocks outperformed with a gain of 1.6%, followed by mid-cap stocks at 1.0%, while large-cap stocks declined by 0.4% [1] - Among 30 sectors, 22 sectors increased, with notable gains in construction materials (+6.3%), steel (+5.3%), and electric equipment & new energy (+5.1%) [1] Valuation Levels - The valuation of the Hang Seng Index decreased by 0.8% to 11.8x, while the Hang Seng Composite Index valuation fell by 0.1% to 11.9x [2] - The automotive sector saw a significant increase in valuation by 3.0% to 14.6x, while the biotechnology sector experienced a notable decline of 3.6% to 29.3x [2] - Overall, 21 sectors saw an increase in valuation, with the defense industry leading at +13.1% [2] Earnings Expectations - The EPS for the Hang Seng Index increased by 0.4% compared to the previous week, while the Hang Seng Composite Index EPS rose by 0.5% [3] - The high dividend yield index saw an upward revision of 0.8% in EPS expectations [3] - A total of 21 sectors had upward revisions in EPS, with notable increases in non-ferrous metals (+3.7%) and electric equipment & new energy (+2.3%) [3]