本文源自：财华网 财华社8月12日讯，中泰国际《每日晨报》中指出，当前港股市场维持高位盘整态势，昨日（11日）成 交量缩减至2,009亿港元，显示资金观望情绪有所升温，随着中报密集业绩期临近，板块分化或加剧。 当前港股估值短期已大幅修复，恒指预测 PE 回归 2018-2019 年中枢，风险溢价处历史低位与 AH 溢价 创近六年新低，叠加 8 月进入港股季节性的淡季，中报业绩期将集中验证基本面，市场有理由高位整 固。上游资源板块受反内卷政策驱动供给收缩，盈利弹性有望持续释放；科技与消费赛道中，关注自主 可控（半导体/AI算力）及生育补贴受益链（母婴/本地生活）。 ...

Core Viewpoint - The long-term trend of improving corporate profitability in state-owned enterprises remains unchanged, with expectations for a recovery in overseas manufacturing activities under the backdrop of potential interest rate cuts by the Federal Reserve [1] Group 1: Economic Conditions - The labor market in the U.S. showed signs of weakening in the second quarter, creating conditions for the Federal Reserve to initiate interest rate cuts [1] - Since July, the external trade environment in the U.S. has stabilized, indicating marginal improvements in the economic sector [1] Group 2: Investment Recommendations - The first recommendation is to invest in upstream resource products (copper, aluminum, oil and petrochemicals) and capital goods (engineering machinery, heavy trucks, forklifts), as well as intermediate products (steel), which will benefit from the recovery of overseas manufacturing and domestic "anti-involution" policies [1] - The second recommendation suggests that equities will outperform bonds in the future, with non-bank financials benefiting from the bottoming of capital returns in the long-term asset side [1] - The third recommendation focuses on consumer sectors aligned with domestic policies centered around "people's livelihood," highlighting dividend-type consumption (food and beverages, home appliances) and certain service industries (hotels, restaurants, leisure tourism) [1]