香港恒生指数7月13日（周一）开盘下跌17.47点，跌幅0.07%，报24157.65点； 香港恒生科技指数7月13日（周一）开盘下跌1.98点，跌幅0.04%，报4719.68点； 国企指数7月13日（周一）开盘上涨3.07点，涨幅0.04%，报8042.26点； 红筹指数7月13日（周一）开盘上涨14.61点，涨幅0.38%，报3865.65点。

BOC Securities says debate over a "growth-to-value rotation" has intensified but concludes K-shaped fundamental divergence has not reversed and conditions for a style switch are insufficient. Cloud providers' capex remains on an upward path and global semiconductor sales continue to expand, indicating the AI cycle is still trending higher. Recovery in traditional cyclical sectors is heavily policy-dependent; current macro policy is focused on "consolidating fundamentals" with limited urgency or room for broad aggregate stimulus, leaving traditional sectors without systemic earnings elasticity. Growth therefore retains a relative earnings advantage, and the market is in a consolidation phase rather than at a bull–bear regime turning point.

A-share banking sector rose amid choppy trading; Suzhou Bank gained more than 5%, while Ningbo Bank, China Construction Bank, Bank of Communications and Industrial and Commercial Bank of China also advanced.