Market Overview - The Hong Kong stock market opened slightly lower on July 10, with the Hang Seng Index down by 0.11%, the Hang Seng Tech Index down by 0.26%, and the State-Owned Enterprises Index down by 0.1% [1] Future Market Outlook - CICC indicates that the "A+H" listings and potential return of Chinese concept assets are expected to increase the supply of quality assets, with the weight of the "new economy" sector likely to rise, driving up valuations and trading turnover [2] - China Galaxy Securities notes that despite rising global macro risks, Hong Kong stocks are at relatively low absolute valuations, suggesting high medium to long-term allocation value. The technology sector is expected to present significant investment opportunities due to strong policy support and improving earnings growth [2] - Guoyuan Hong Kong anticipates that policy expectations will support Hong Kong stock valuations, maintaining resilience in the medium to long term [3] - CITIC Securities expects that the ongoing reform of the Hong Kong listing system will enhance asset quality and liquidity, with continued inflow of southbound funds [3] Sector Focus - Recent data shows that southbound funds have increased their holdings across various sectors, particularly in healthcare and financial sectors, reflecting a strategic allocation towards high-growth sectors [3] - The technology sector is experiencing a repurchase trend, indicating companies' self-affirmation of undervaluation, while high-dividend sectors are gaining momentum due to ongoing policy benefits [5] Company News - Alibaba has completed a private placement of zero-coupon exchangeable bonds amounting to HKD 12.023 billion [7] - Shanghai Pharmaceuticals expects a net profit attributable to shareholders of approximately RMB 4.45 billion for the first half of the year, representing a year-on-year increase of about 52% [8] - Country Garden reported a cumulative contract sales amount of approximately RMB 13.37 billion for the first six months, a year-on-year decrease of 27.06% [9] - New Town Development's cumulative contract sales for the first half of the year amounted to approximately RMB 10.33 billion, down 56.14% year-on-year [9]