智通决策参考︱反制主动性更强 芯片要雄起 基建红利类有资金布局

Group 1 - The Hong Kong stock market is experiencing adjustments due to intensified geopolitical tensions, with the Hang Seng Index falling below the critical 20-day moving average [1] - The U.S. government is facing a shutdown while simultaneously increasing sanctions against China, including restrictions on semiconductor equipment exports and imposing high tariffs on Chinese shipping [1] - China has responded with export controls on rare earth materials and other critical resources, indicating a shift from defensive to offensive measures in trade relations [2] Group 2 - The global trend shows central banks, including China, are increasing gold reserves while reducing holdings in U.S. Treasury bonds, marking a significant shift in asset allocation [3] - The cobalt market is transitioning from a surplus to a shortage, with the Democratic Republic of Congo implementing export quotas that will likely drive prices higher [4][5] - Companies like Luoyang Molybdenum and Huayou Cobalt are adjusting their export quotas, indicating a strategic response to the changing market dynamics [4][5] Group 3 - The focus on companies such as Liqian Resources, Luoyang Molybdenum, and Jinchuan International highlights the investment opportunities in the resource sector amid changing geopolitical landscapes [6] - The Hang Seng Index is currently positioned at 26,290 points, with market sentiment leaning towards bearish due to uncertainties in U.S.-China trade negotiations [7]