Based on CITIC Securities' in - depth analysis, the performance of Hong Kong stocks hit a trough and then stabilized in the first half of 2025 (abbreviated as 25H1), achieving positive growth. Both net profit margins and Return on Equity (ROE) stayed at cyclical highs, indicating consistent operational efficiency.

From an industry - specific perspective, the technology, pharmaceutical, and raw materials sectors thrived significantly, playing a crucial role in bolstering the performance of Hong Kong stocks in the first half of the year. The non - banking sector and some consumer industries also witnessed an improvement in performance. However, the energy, utilities, real estate industry chain, and the majority of consumer industries continued to face performance pressures.

Taking into account performance expectations both before and after the release of financial reports, the outlook for the performance of Hong Kong stocks remains positive. It is projected that the performance growth rate of Hong Kong stocks will reach an inflection point in the second half of 2025 (25H2). Specifically, the raw materials, healthcare, and technology sectors are expected to sustain high levels of prosperity, with upward revisions in performance expectations. On the other hand, sectors that experienced low prosperity in the first half of the year, such as energy and staple consumer goods, are anticipated to witness a performance turnaround in the second half of the year.