Core Viewpoint - CITIC Securities indicates that Hong Kong stocks' performance in the first half of 2025 has stabilized and achieved positive growth, with net profit margins and ROE maintaining high levels, reflecting robust operational efficiency [1] Industry Summary - The technology, pharmaceutical, and raw materials sectors are experiencing high prosperity, supporting the performance of Hong Kong stocks in the first half of 2025 [1] - Non-bank and certain consumer sectors also show positive performance, while the energy, public utilities, real estate, and most consumer sectors continue to face performance pressures [1] Performance Outlook - The earnings outlook for Hong Kong stocks is optimistic, with a projected turning point in performance growth for the second half of 2025 [1] - It is expected that the raw materials, healthcare, and technology sectors will continue to maintain high prosperity, with upward revisions in expectations [1] - Sectors that experienced low prosperity in the first half, such as energy and essential consumer goods, are anticipated to see a performance reversal in the second half [1] Market Dynamics - In the current bull market driven by liquidity, sectors with positive fundamental expectations are likely to continue attracting market attention [1]