Group 1 - The current Hong Kong stock market is experiencing a high-level consolidation pattern, with seasonal weakness in August and increased volatility due to the intensive disclosure of interim reports [1] - In the medium term, policy support (anti-involution and continuous fertility subsidies), improvement in corporate earnings, and favorable liquidity conditions are creating a three-pronged resonance, maintaining an upward trend [1] - The semiconductor domestic substitution, cyclical industrial varieties, and defensive large financial sectors continue to attract capital attention, providing a window for quality growth targets amid market fluctuations, awaiting interim performance verification and trade agreement breakthroughs [1]