[Galaxy Securities: In the medium and long term, the investment value of Hong Kong stocks is still high] Galaxy Securities pointed out that as the impact of the US tariff policy decreases marginally, investors' risk appetite has gradually recovered. At the same time, my country will implement more proactive macroeconomic policies, make good use of more proactive fiscal policies and moderately loose monetary policies, and "use the certainty of high-quality development to deal with the uncertainty of the rapid changes in the external environment", which is expected to drive the steady increase in Hong Kong stock earnings. The current valuation of Hong Kong stocks is at a historically low level, and in the medium and long term, the investment value is still high. In terms of allocation, in the short term, it is recommended to focus on: the consumer sector that benefits from the policy of expanding domestic demand; the technology sector with improved autonomy and control; sectors with low trade dependence and high dividend yields, mainly in the financial industry, energy industry, telecommunications industry, utilities, essential consumption, real estate and other industries.
