市場消息：印度尋求限制各邦對礦產資源和礦山徵稅的權力。

CITIC Securities says the Hang Seng Composite Index has seen an earnings-expectations reversal over the past month; interim results beats and positive profit guidance have driven upward revisions to full-year earnings. The Hang Seng TECH index is lagging, hit by divergent passenger-car profitability and higher capex at leading internet platforms that compress near-term margins. Sector outlook: upgrades for healthcare (CXO and large-cap pharma), financials (broker asset management and insurers), utilities and cyclical transport; downgrades for consumer, property and information technology. Flow pattern is two-pronged: capital rotating into oversold low-base sectors while momentum trades target names with strong earnings trajectories. Against a dense earnings calendar and global macro volatility, the firm favors a dividend-defense plus growth-optionalilty barbell: defensive allocation to high-dividend, low-beta, bond-like stocks; offensive exposure to internet giants, robotics and biotech benefiting from two-way capital flows, and tech hardware/AI applications, with selective positions in innovative drugs and industrial metals for near-term catalysts.

港股消費股尾盤震盪走強，老鋪黃金(06181.HK)漲超11%，農夫山泉(09633.HK)漲超4%，布魯可(00325.HK)、衛龍(09985.HK)等跟漲。