招商策略：美联储预防式降息后的A股和港股往往会受益于美元流动性环境改善

Core Viewpoint - The report from招商策略 indicates that the Federal Reserve's interest rate cuts can be categorized into preventive and crisis-related cuts, which have different impacts on asset performance [1] Group 1: Interest Rate Cuts - The anticipated interest rate cut in September 2025 aligns more with preventive measures, as the market has already priced in the rate cut, leading to profit-taking and market volatility post-announcement [1] - Historical data suggests that A-shares and Hong Kong stocks typically benefit from improved dollar liquidity following preventive rate cuts [1] Group 2: Market Conditions - The driving factors behind the current second phase of the A-share bull market remain unchanged, although the rate of growth may have slowed compared to earlier periods [1]