市场情绪趋于谨慎！关注下周大事件落地

Market Overview - A-shares experienced a slight decline with major indices showing a cautious sentiment, while the Hong Kong market continued its strong performance, with the Hang Seng Index reaching a new high [1][2] - The upcoming Federal Reserve meeting and domestic economic data releases are expected to influence market dynamics, particularly in the cyclical sectors [1][2] A-share Performance - The Shanghai Composite Index closed at 3870.60 points, down 0.12%, while the Shenzhen Component and ChiNext Index fell by 0.43% and 1.09%, respectively [2] - The total market turnover increased to 2.55 trillion yuan, with a net outflow of 37.28 billion yuan from main funds, indicating a rotation of funds within the technology sector [2] Hong Kong Market Performance - The Hang Seng Index rose by 1.16% to 26388.16 points, marking a weekly increase of 3.82%, driven by technology and biopharmaceutical sectors [2] - The Hang Seng Technology Index increased by 1.71%, with significant net inflows from southbound funds [2] Industry Trends - A-shares displayed characteristics of "cyclical revival and technological differentiation," with resource sectors and policy-sensitive industries leading the gains [3] - The non-ferrous metals sector rose by 1.96%, supported by expectations of Federal Reserve rate cuts and a rebound in commodity prices [3] - The storage chip sector continued its strong performance, with a 5.04% increase in the storage index, driven by improved supply-demand dynamics [3] Underperforming Sectors - Defensive sectors in A-shares, such as liquor and banking, faced downward pressure due to cautious consumption data expectations and concerns over narrowing interest margins [4] - In the Hong Kong market, consumer and technology sub-sectors showed mixed performance, with Apple-related stocks weakening due to supply chain adjustments [4] Investment Strategy - The investment strategy should focus on "policy dividends, technological transformation, and global pricing power," emphasizing long-term growth assets [5][6] - Key areas of focus include domestic innovation in technology, particularly in semiconductor equipment and AI infrastructure, as well as cyclical commodities benefiting from global economic recovery [5][6] - In the Hong Kong market, a balanced allocation between technology growth and undervalued value stocks is recommended, particularly in AI applications and financial sectors [6]