20240122-国元国际控股-股指期货周报_港股走低_需更多耐心等待投资者信心提升_12页_893kb

Market Review

Hong Kong stock index futures plummeted last week, with the January Hang Seng Index futures down 59.4% and the Tech Index futures down 10%. Hang Seng futures positions surged by 1,548%, while Tech Index positions dropped by 1,166%, leading to backwardation. In contrast, US markets rose, with Dow Jones futures up 0.67%, S&P 500 up 1.1%, and Nasdaq up 2.7%, all in contango.

External Environment Tracking

Domestic housing sales show mixed signals; city property deals remain steady, but overall GDP for 2023 was 5.2%, higher than last year, yet quarterly data indicates weak industrial and real estate performance, with dining and entertainment consumption rising.

Investment Recommendations

Focus on finding structural opportunities in stable market conditions. Suggest a balanced portfolio with defensive sectors to offset risks, and allocate to growth areas like consumer discretionary and new energy vehicles. Select companies with strong competitive advantages and solid fundamentals. For options, consider strategies such as selling out-of-the-money calls to reduce costs or buying collars to exploit volatility.

Key themes include patience due to economic recovery uncertainties, coupled with value-driven investments and risk management.