杨德龙：隔夜美股暴跌冲击全球资本市场

Group 1 - The core viewpoint of the articles highlights the significant drop in U.S. stock markets, particularly the Nasdaq, which fell nearly 4% due to Trump's threats to raise tariffs in response to China's stricter rare earth export controls [1] - Concerns about deteriorating trade relations between major powers and the ongoing U.S. government shutdown, which has lasted for 10 days without resolution, are increasing fears of a potential recession in the U.S. economy [1] - The failure of the U.S. Senate to pass a budget proposal for the seventh consecutive time has not shown any signs of progress in negotiations between the two parties, impacting employment and economic growth [1] Group 2 - The negative impact of the U.S. stock market decline is expected to affect A-shares and Hong Kong stocks, particularly on the first trading day after the National Day holiday, which may see significant market shocks [2] - Despite the recent bull market in A-shares and Hong Kong stocks, with the index approaching 4000 points, there are signs of adjustment, especially among previously high-performing technology stocks [2] - The current bull market is supported by economic transformation, policy support, and a significant shift in household savings, suggesting that the bull market may continue [2] Group 3 - For investors, short-term hedging strategies may involve reducing positions, while long-term investors can maintain their holdings despite short-term volatility [3] - The performance of technology stocks in the long term will depend on their ability to meet earnings expectations, despite short-term market adjustments influenced by external factors [3] - The overall market remains within a controllable bubble level, with A-shares and Hong Kong stocks still below historical average valuations, indicating potential for continued growth in certain sectors supported by policy [3]