市场进入“平静期”，现在该买谁？

Group 1 - The trade tensions between China and the US are easing, leading to a marginal decrease in market volatility and a decline in gold prices [1] - The A-share market has seen a rise from over 3000 points in early April to above 3400 points, indicating a significant upward trend [1] - The US stock market has recovered most of its losses, with the Nasdaq and S&P 500 indices showing positive year-to-date performance [2] Group 2 - The focus on dividend stocks is increasing, driven by policy encouragement for equity market investment, with institutions favoring dividend stocks, particularly during market fluctuations [4] - The Hong Kong dividend index or low-volatility dividend stocks are recommended for better long-term performance compared to regular dividend indices [5] Group 3 - Emerging consumer sectors are outperforming traditional consumption, with notable stocks like Pop Mart and old gold shops seeing significant price increases this year [6] - Active equity funds focusing on emerging consumer sectors or the Hang Seng Consumption Index are worth monitoring [8] Group 4 - The Hong Kong technology sector remains attractive for investment, supported by domestic policy initiatives and easing international trade tensions [9] - The Hang Seng Technology Index ETF has a low price-to-earnings ratio of 21.74, indicating it is undervalued compared to historical averages [9] - Major tech companies like Tencent and Alibaba are trading at lower valuations, with Tencent's real PE below 20 and Alibaba's core business PE at 15 [12] Group 5 - There has been a significant inflow of capital into Hong Kong stocks, with net purchases exceeding 603.9 billion HKD since the beginning of 2025, indicating strong investor interest [12] - The Hong Kong stock market is seen as a gathering place for quality Chinese listed companies, focusing on core assets for China's future [14]