According to a research report from China Galaxy Securities, the current inflation level in the usa remains high, and the market expects that a series of policies implemented after Trump takes office will elevate the usa's re-inflation risk. The Federal Reserve may slow down the interest rate cut pace, putting some pressure on the liquidity of the Hong Kong stock market. However, the valuation of Hong Kong stocks is at a relatively low level, and profitability shows a certain resilience. With the increment of fiscal policies, the domestic economy is gradually recovering, making the long-term configuration value of Hong Kong stocks relatively high. In terms of configuration opportunities, the technology sector still offers significant investment opportunities, especially in sub-industries where both denominator and numerator expectations are anticipated to improve, particularly including the leading internet and consumer electronics sectors. Under the stimulus of domestic demand expansion and stable consumption policies, current valuation levels of Hong Kong consumer stocks, which are relatively low, are expected to benefit.