All third-quarter reports from public funds have been disclosed, drawing attention to changes in their Hong Kong stock allocations. As of the end of the third quarter, active equity-oriented public funds' Hong Kong stock positions remained below benchmark levels. By sector, during the third quarter, these funds concentrated on increasing their positions in pharmaceuticals and biotechnology while reducing exposure to technology hardware such as semiconductors. Regarding the outlook, beyond persistently high overseas interest rates, the results of the U.S. midterm elections may emerge as a new source of uncertainty for Hong Kong stocks. Industry participants suggest prioritizing defensive positioning in the short term and waiting for earnings to show a breakthrough, while continuing to favor low-volatility dividend assets; in the technology sector, the focus should be on companies with clear industry trends that are already profitable, have ample free cash flow, and whose AI investments have generated tangible commercial returns.