法巴银行：美联储9月降息将利好股市，预期恒指下个目标是26500点

Core Viewpoint - The Federal Reserve is expected to lower interest rates in September under pressure from President Trump and Treasury Secretary Mnuchin, which is likely to benefit the stock market [1] Group 1: Market Outlook - The U.S. money market fund size has reached $7 trillion, and a restart of rate cuts will lead funds to seek new opportunities, aligning with a global rate-cutting cycle that will favor the stock market [1] - The Hang Seng Index's next target is projected to be 26,500 points, with short-term adjustments expected and support around 24,500 points, making it an attractive entry point for investors [1] Group 2: Sector Analysis - Recent earnings and guidance from major tech stocks were positive, which should have been a catalyst for the sector; however, market expectations were high, leading to some stock adjustments, presenting a low-buy opportunity given current valuations are not overly expensive [1] - A barbell strategy is recommended for investors, with recent increases in domestic bank stocks, Chinese telecom stocks, and domestic insurance stocks; however, in a volatile market with ongoing rate cut themes, it remains necessary to hold these related stocks [1]