Morning Trend | HKT-SS remains stable at high levels, how long can its defensive attributes hold?

Hong Kong Telecommunications (6823.HK) has recently continued to maintain a high-level range consolidation trend, with overall performance primarily defensive in nature. The utility sector lacks external disturbances, and market thematic funds are mainly flowing into deterministic assets, resulting in a relatively subdued trading atmosphere with strong defensive preferences. This week, the company only announced regular dividends and minor capital expenditures, with limited willingness from major funds to build positions, and no large-scale buying actions observed, making its attractiveness average. During the trading session, the stock price hovered at a high level, with clear boundaries for support and resistance, and the platform's defensive signals remain persistent. Proprietary funds and a small number of large orders are testing liquidity at key points. From a technical indicator analysis, the distribution of the upper and lower bounds of the range is dense, with prominent narrow fluctuation characteristics. If overall market sentiment suddenly weakens or encounters systemic shocks, defensive sectors are not absolutely safe, and the risk of "catching up on losses" or losing hedging advantages should not be underestimated. Strategy suggestion: closely monitor changes in the overall market atmosphere. If trading volume declines or external shocks occur, defensive attributes may be weakened. Holders should pay attention to intraday anomalies and sector linkage signals, and it is advisable to dynamically adjust positions to avoid sudden risks. Those without positions should be cautious about chasing prices and wait for new catalytic news to emerge