【策略】中报季将至，关注业绩线索——2025年7月A股及港股月度金股组合（张宇生/王国兴）

Group 1 - The core viewpoint indicates that the A-share market showed a general recovery in June, with the ChiNext index rising the most by 6.1%, while the performance of various sectors was mixed, with telecommunications, non-bank financials, banks, and metals performing well, whereas consumer sectors like food and beverage, beauty care, and home appliances lagged behind [2][3] - The Hong Kong stock market also experienced a rebound in June, with major indices such as the Hang Seng Index and Hang Seng China Enterprises Index rising by 4.4% and 4.4% respectively, driven by improved market sentiment and reduced overseas disturbances [2][3] Group 2 - The A-share market is expected to maintain a volatile trend, with external risks potentially easing but still requiring vigilance regarding U.S. policies. Domestic policies are anticipated to remain supportive, contributing to economic recovery, particularly in consumption [3][4] - The upcoming earnings season is likely to favor sectors with strong performance expectations, including steel, computers, electric equipment, and defense industries, while stable assets like high-dividend stocks and gold remain attractive [4] Group 3 - The Hong Kong market is also expected to exhibit a volatile trend, influenced by liquidity constraints and uncertainties in U.S.-China relations. However, the long-term outlook remains positive due to strong overall profitability and relatively low valuations in sectors like technology, new consumption, and innovative pharmaceuticals [5] - A "dumbbell" strategy is recommended for Hong Kong stocks, focusing on sectors benefiting from domestic policies in the context of U.S.-China competition, independent internet technology companies, and high-dividend low-volatility strategies in sectors such as telecommunications and utilities [5]