关税博弈反转不断，三大高息港股板块受影响较少

Group 1 - The core viewpoint of the articles highlights the optimistic market sentiment driven by trade negotiations between China and the U.S., despite recent uncertainties regarding tariff commitments and export controls on rare earths [1] - The Hang Seng Index experienced a cumulative monthly increase of 5.29% in May, with a further rise of 2.33% in the first week of June, indicating a rebound in both A-shares and Hong Kong stocks [1] - The potential for policy stimulus in China is noted, as fiscal policies show signs of marginal easing, and the central bank has lowered the 7-day reverse repurchase rate to support market liquidity [1] Group 2 - The banking sector is highlighted for its strong performance, with analysts suggesting that the valuation levels still have room for growth, supported by high dividend yields and defensive characteristics amid tariff-related market volatility [2] - The energy sector has also shown positive performance, with international oil prices gradually recovering, although they are expected to remain within the range of 60-65 yuan in the short term due to fundamental constraints [2] - The telecommunications sector has gained attention due to the satisfactory first-quarter performance of major operators and optimistic long-term growth prospects for cloud services, leading to an overall increase in valuations in May [2] Group 3 - The Ping An Hong Kong Stock Connect Dividend Select Mixed Fund was established on March 26, 2024, and has achieved a net value increase exceeding 30 times within its first year, with the current net value of Class A shares at 1.2479 yuan [3] - The investment advisory team for the fund has over 12 years of practical experience in Hong Kong stock dividends, focusing on value investment and strategically allocating to high-growth sectors while avoiding structurally declining industries [3] - In the current uncertain domestic and international environment, investors are advised to consider a "dividend + technology barbell strategy," which involves allocating to both dividend assets and technology growth assets to achieve stable dividend income while capturing growth opportunities in the tech sector [3]