科技制造行业：南下资金虽转为净买入，但流入方向从高弹性的科技转向防御性板块（医药、内银）

Market Overview - The Hong Kong stock market experienced a decline on April 24, with the Hang Seng Index falling by 0.7% to 21,909 points and the Hang Seng Tech Index dropping by 1.5% to 4,975 points, indicating a shift in market sentiment from aggressive speculation to cautious defense [1] - Despite a net inflow of 3.387 billion HKD from southbound funds, the scale was significantly lower than previous inflows exceeding 20 billion HKD, reflecting a more cautious approach among investors [2] - The pharmaceutical sector continued to show strength, with notable gains from companies like Kelaiying (6821 HK) and Innovent Biologics (1801 HK), while defensive sectors such as banks and gold stocks also performed well [1][2] Macro Dynamics - The U.S. Markit Composite PMI for April fell to 51.2, the lowest in 16 months, with manufacturing PMI unexpectedly rising to 50.7 and services PMI dropping to 51.4, indicating a divergence between sectors [3] - Rising commodity prices, driven by tariff increases and labor supply constraints, have led to heightened cost pressures, contributing to concerns over inflation and economic slowdown [3] Industry Dynamics - The Hang Seng Healthcare Index rose by 1.7%, driven by positive developments in innovative drug trials and upcoming presentations at the ASCO 2025 conference [4] - Companies like BeiGene (6160 HK) are expected to face limited impact from U.S. tariffs due to their production strategies, which include local manufacturing in the U.S. and Europe [4] Strategy Insights - The report suggests a focus on defensive sectors and policy-driven opportunities, including high-dividend assets in state-owned enterprises and infrastructure-related investments [13] - Recommendations for stocks include Alibaba (9988 HK), China Water Affairs (855 HK), and Midea Group (300 HK), reflecting a strategy to capitalize on policy support and consumer demand recovery [13]