20240922-浙商国际金融控股-港股市场策略周报_20页_1mb

Market Performance Review:
The stock market experienced a significant rebound, with the Hang Seng Composite Index/HSCEI/Hang Seng Index/Hang Seng Tech up by over 472%/over 512%/over 644%, respectively. All industry sectors within the Hong Kong stock market saw gains during the week, led by the raw materials sector with a weekly increase exceeding 9%. The market continued the previous "high-low rotation" trend, with optional consumption and real estate/infrastructure finishing in the top three for the week.

Fundamental & Capital Flows:
Fundamentally, although the Fed's interest rate cut opened the door for potential easing in China, the recent LPR rates remained unchanged, signaling a slower-than-expected policy response. Capital flows saw the US officially commence its 50-basis point rate cut cycle with the Fed expressing a "preventive" stance on US economic resilience.

Market Outlook:
Persisting economic pressures and ongoing policy stimulus efforts are supported by the expectation of monetary easing to turnaround the current situation. Given the market lacks incremental growth impetus, focus should shift to structural opportunities, while dividend yield stocks remain attractive. Hong Kong's lower interest rate environment offers resilience compared to the A-share market.

Mission Statement: All investments involve risks, this presentation is for training purposes only and does not constitute an invitation or offer to purchase or subscribe for any investment product.