CITIC Securities says a reversal in Hong Kong stocks is likely and recommends
five positioning themes: 1) high‑growth tech — Hong Kong has advantages in the
token economy ecosystem and robotics, plus exposure to batteries, commercial
space and brain‑computer interfaces; 2) dividend‑diffusion trades — defensive,
bond‑like high‑dividend sectors (property management, telecoms, power) and
‘broad dividend + high growth’ names (cyclical energy on an upcycle, high‑yield
food & beverage, diversified financials); 3) industrial metals with constrained
supply, state strategic stockpiling and demand support from AI deployment and
electrification; 4) exporters and overseas‑expansion chains that could see
margin recovery if China‑US relations stabilize and trade frictions ease; 5)
healthcare — innovative drugs entering a data‑intensive catalytic phase and CXO
(contract service providers) benefiting from reinforcing competitive barriers.
