华泰证券：港股短期或迎反弹窗口

Core Viewpoint - The report from Huatai Securities indicates a shift in market sentiment from a defensive stance towards a focus on potential expectations and the possibility of a spring market rally [1] Group 1: Market Sentiment and Conditions - Investors are transitioning from a defensive mindset in response to uncertainties surrounding Trump's new policies and the Spring Festival holiday [1] - There are emerging positive signals in Sino-U.S. relations, which may alleviate concerns about overseas disruptions [1] Group 2: Historical Trends and Performance - Historically, the Hong Kong stock market tends to experience a spring rally starting from the week before the Spring Festival, with the Hang Seng Technology Index outperforming the Hang Seng Index until the end of the holiday [1] - Post-holiday, A-shares are expected to show stronger performance compared to Hong Kong stocks, particularly leading up to the Two Sessions [1] Group 3: Investment Strategy - Compared to A-shares, which are currently in the earnings pre-disclosure period, Hong Kong blue-chip stocks offer advantages in terms of earnings, economic conditions, and cost-effectiveness [1] - After the Spring Festival, investor focus may shift towards expectations regarding domestic policies [1] - Despite the potential for a rebound, uncertainties regarding mid-term trade frictions still exist [1] Group 4: Investment Recommendations - A "barbell" investment strategy is suggested, with an appropriate increase in allocation towards Hang Seng Technology stocks [1]