第一时间∣消息面因素引发市场下跌，港股有望在波折中不断前行

Core Viewpoint - The Hong Kong stock market experienced significant adjustments due to the announcement of a 100% tariff increase by the U.S. on China, leading to a drop in the Hang Seng Index by 1.52% and the Hang Seng Tech Index by 1.82% [1] Group 1: Market Reaction - The Hang Seng Index closed at 25,889.48 points, with intraday declines exceeding 3% [1] - The Hang Seng Tech Index closed at 6,145.51 points, with intraday declines exceeding 4% [1] Group 2: Economic Outlook - Despite short-term volatility, there is cautious optimism regarding the Chinese economy and the Hong Kong stock market due to strong economic fundamentals and competitive capabilities [1][3] - The trade conflict is not a reflection of China's economic weakness but rather its robust growth and global competitiveness in various sectors [1] Group 3: Policy Measures - The likelihood of China implementing monetary easing measures, such as interest rate cuts and special government bond issuance, is high, which may mitigate the impact of U.S. tariffs [2] - China's export share to the U.S. has decreased from 19.2% in 2018 to an estimated 14.7% in 2024, indicating a reduced dependency on the U.S. market [2] Group 4: Market Valuation - After recent adjustments, the valuation of the Hong Kong stock market has returned to approximately the average level of the past 30 years, suggesting a relative valuation advantage compared to major global markets [2]