CITIC Securities: In the bull market of Hong Kong stocks driven by liquidity so far, sectors with good fundamental expectations will continue to attract market attention.

CITIC Securities stated that the performance of Hong Kong stocks in the first half of 25H1 has stabilized and achieved positive growth, while the net profit margin and ROE remain at high levels and operational efficiency remains stable. Looking at different industries, the technology, healthcare, and raw materials sectors have been performing well, supporting the performance of Hong Kong stocks in the first half of the year. Non-banking and some consumer industries are also showing positive performance. However, there is still pressure on the performance of the energy, utilities, real estate industry chains, and most consumer industries. Considering the performance expectations before and after the financial report disclosure, the outlook for Hong Kong stocks is positive, and it is predicted that the performance growth rate of 25H2 Hong Kong stocks will see a turning point. It is expected that the raw materials, healthcare, and technology sectors will continue to maintain high prosperity and are expected to be upgraded. Sectors that experienced low prosperity in the first half of the year, such as energy and essential consumer goods, are also expected to see a turnaround in performance in the second half of the year. In the current bull market driven by liquidity, sectors with positive fundamental expectations will continue to attract market attention.