港股市场速览：业绩预期激变，现金流策略逆市上行

Market Overview - The Hang Seng Index decreased by 3.3% this week, while the Hang Seng Composite Index fell by 3.8%. Large-cap stocks outperformed small-cap and mid-cap stocks, with declines of 3.6%, 4.0%, and 4.6% respectively [1] - Major concept indices experienced declines, with the Hang Seng Consumer Index dropping by 4.8%. The free cash flow strategy showed resilience, increasing by 0.4% [1] - Among 30 sectors, 4 sectors saw gains while 26 sectors declined. The strongest performers were Oil & Petrochemicals (+5.1%), Coal (+2.6%), Construction (+2.6%), and Utilities (+0.5%). The weakest sectors included Computer (-7.8%), Retail (-7.4%), Electronics (-6.3%), and Steel (-6.0%) [1] Valuation Levels - The valuation of the Hang Seng Index decreased by 1.1% to 11.2x, while the Hang Seng Composite Index valuation fell by 2.1% to 11.2x. Most major concept indices saw a decline in valuation [2] - The Hang Seng High Dividend Index increased by 2.0% to 7.7x, while the Hang Seng Biotechnology Index decreased by 4.8% to 24.5x [2] - Valuations rose in 5 sectors and fell in 23 sectors. The largest increases were in Comprehensive Finance (+33.5%) and Oil & Petrochemicals (+3.3%), while the largest declines were in Retail (-8.5%) and Computers (-7.7%) [2] Earnings Expectations - The EPS for the Hang Seng Index decreased by 1.5% compared to last week, while the EPS for the Hang Seng Composite Index fell by 1.0% [3] - Most major concept indices saw downward revisions in EPS expectations, with the Hang Seng High Dividend Index experiencing a significant decrease of 2.2% [3] - Among 15 sectors, 12 sectors had downward revisions in EPS expectations, with Comprehensive Finance seeing the largest cut at -27.4%. In contrast, sectors like Construction (+4.9%) and Coal (+1.9%) had upward revisions [3]