Group 1 - The Hang Seng Index and Hang Seng Tech Index experienced significant declines of 13.2% and 17.2% respectively on April 7, but showed a strong recovery by May 9, with recovery rates of 91.5% and 78.2% from their April lows, indicating unexpected resilience in the market [1] - The unexpected rebound is attributed to three main factors: large-scale southbound capital buying providing support to the Hong Kong stock market; the collective response of major funds injecting confidence into the market; and the return of Asian currencies amid a U.S. Treasury sell-off, increasing demand for local assets [1] - Specific sectors such as Hong Kong automotive, innovative pharmaceuticals, and consumer goods have returned to levels prior to the tariff impact, with the Hong Kong automotive ETF (520600), innovative pharmaceuticals ETF (513120), and Hang Seng Consumer ETF (159699) rising over 21.0%, 20.4%, and 15.3% respectively, ranking among the top in the market [1] Group 2 - Looking ahead, Huatai Securities noted a positive attitude towards capital market policies from the State Council's press conference on May 7, particularly supporting technology and consumer sectors, which positively impacts the Hong Kong stock market [2] - The investment outlook remains optimistic for Hong Kong stocks, with improved policy environment likely to boost risk appetite, suggesting a shift towards more aggressive investment strategies [2] - Mid-term, public fund reforms may further increase domestic capital allocation towards Hong Kong's unique sectors, with a focus on technology and domestic consumption supported by policies, as well as stable performers among dividend stocks [2]