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交银国际:港股“慢牛”行情有望持续演绎 延续“高弹性”+“高股息”哑铃型策略

Group 1 - The Hong Kong stock market continued its upward trend in September, driven by the resumption of US-China trade negotiations and expectations of overseas interest rate cuts, along with a rotation in the technology sector [1][2] - The external environment is showing marginal improvement, with increased market risk appetite supported by ongoing US-China trade talks and stable macro policies in mainland China [2][3] Group 2 - Liquidity pressure in Hong Kong has eased with the resumption of overseas interest rate cuts, leading to accelerated inflows of southbound capital, with a net inflow exceeding 1.1 trillion HKD this year, setting a new historical high [3] - The market is expected to enter a "quiet season" due to the National Day and Mid-Autumn Festival holidays, alongside uncertainties related to the US government's short-term financing plan, which may amplify overseas disturbances [4] Group 3 - The investment strategy continues to focus on a "high elasticity" and "high dividend" approach, with adjustments based on policy catalysts [5] - In the technology growth sector, the valuation recovery logic for tech stocks is further strengthened under the interest rate cut environment, with strong demand from southbound capital for high-growth sectors like AI [5] - The biopharmaceutical sector is expected to see valuation recovery, with Chinese innovative drug companies accelerating their global expansion [5] - High dividend yielding sectors such as banks, insurance, and utilities are highlighted as stable components in investment portfolios, providing consistent dividend income amid market volatility [5]