Hong Kong stock valuations become more attractive, November market focuses on earnings improvement.

In October, the structure of the Hong Kong stock market showed clear divergence. Wind data shows that the Hang Seng Tech Index fell 11.73% in a single month, volatility in the technology growth sector increased, and southbound funds recorded a phased net outflow during the same period. The November strategies of several brokerages believe that, as valuation pressure is released and overseas interest rate disturbances are gradually digested, the subsequent performance of Hong Kong stocks will depend more on improvements in corporate earnings and valuation matching. Market focus is shifting from thematic expectations to earnings realization, and style rebalancing and structural opportunities have become the consensus.