[CITIC Securities: It is recommended that Hong Kong stock investors give priority to high-quality industries with strong defensive attributes and stable dividends such as electricity] On September 27, CITIC Securities pointed out that when the total amount of funds is relatively limited, technology and biotechnology, as two types of growth tracks in the Hong Kong stock market with high elasticity and valuations that are more sensitive to liquidity, are more likely to form a trade-off allocation relationship. At the same time, due to the relatively weak southbound capital inflows in 2026, especially since June, foreign capital has continued to return to Hong Kong stocks, dominating marginal pricing power. Therefore, against the background of the continuous outflow of foreign capital from Hang Seng Technology and the inflow into biotechnology, it has promoted the formation of a pattern in which Hang Seng Technology is weak and biotechnology is strong. Overall, both Hang Seng Technology and Hang Seng Biotech Index are under significant pressure in the high interest rate environment. Under the current expectations of tighter global liquidity, it is recommended that investors give priority to high-quality industries with strong defensive attributes and stable dividends such as power, telecommunications, and public utilities.