海外市场压力，传导给谁?

Group 1 - The Hong Kong market is experiencing volatility, closely linked to pressures from the U.S. market, with significant declines in major stocks, particularly in the new energy vehicle and battery sectors, with daily drops of 6% to 8% [3][4] - The recent IPO activities of large Chinese companies in Hong Kong have led to a surge of funds entering the market, but this influx may not be sustainable, creating a sense of "finding a buyer" for overvalued stocks [3][4] - There is a noticeable decrease in southbound capital from mainland investors, which has contributed to the current market instability, and the outlook suggests that the Hong Kong market may experience greater volatility compared to the mainland market [4] Group 2 - The depreciation of the U.S. dollar is impacting the Hong Kong dollar due to its peg to the U.S. dollar, leading to concerns about market attractiveness and currency stability [4] - The overall market sentiment is cautious, with investors reluctant to commit capital in a market perceived as lacking stability and potential for further declines [4]