[CITIC Securities: Recommend Hong Kong stock investors prioritize high-quality industries with strong defensive attributes and stable dividends, such as power] According to a report by Golden Finance, CITIC Securities pointed out that under relatively limited capital conditions, technology and biotechnology, as two highly elastic and liquidity-sensitive growth sectors in the Hong Kong stock market, are more likely to form a dynamic allocation relationship of mutual adjustment. Meanwhile, due to relatively weak southbound capital inflows in 2026, especially with foreign capital continuously flowing back into Hong Kong stocks since June, marginal pricing power has been dominated. As a result, under the backdrop of sustained foreign capital outflows from the Hang Seng Technology Index and inflows into biotechnology, a pattern of weaker Hang Seng Technology and stronger biotechnology has emerged. Overall, both the Hang Seng Technology Index and the Hang Seng Biotechnology Index are under significant pressure in a high-interest-rate environment. Given the current global liquidity tightening expectations, investors are advised to prioritize high-quality industries with strong defensive attributes and stable dividends, such as power, telecommunications, and utilities.