Hong Kong Stocks: Analysts See Valuation Appeal, Earnings Key in November

The shift in broker framing from thematic momentum to earnings delivery is the notable signal here: after an 11.73% drawdown and southbound outflows, the sell-side is effectively conceding that October's de-rating was a valuation reset rather than a fundamental break. That matters most for growth-heavy tech names that traded on narrative rather than results. Whether southbound flows stabilize and whether November earnings actually validate the "pressure released" thesis is the open question — the consensus call is only as good as the delivery it now depends on.