全球市场全面回暖，港股为何“独立走弱”？汇丰(0005.HK)或成阶段性亮点

Group 1 - Global capital markets are optimistic, with major US indices reaching historical highs, while Asian markets also show strong performance [1][3][4] - Despite external market strength, Hong Kong stocks exhibit a relatively cautious performance, with the Hang Seng Index fluctuating between 25,800 and 26,000 [1][7][9] - The focus of institutional investors is shifting from index trading to structural opportunities, particularly in HSBC Holdings, which shows signs of stabilization following its latest quarterly results and plans to privatize Hang Seng Bank [1][14] Group 2 - The driving logic behind the market's performance indicates a shift in global risk asset pricing from "negative reaction" to "expectation repair" [5] - The recent pullback in gold prices is seen as a normal adjustment phase amid improved market risk sentiment, rather than a trend reversal [6] - HSBC's recent performance and strategic moves are interpreted as enhancing capital efficiency and business synergy, positioning it for long-term value [14][17] Group 3 - Short-term outlook for Hong Kong stocks is influenced by key events, including potential Fed policy changes and the outcomes of the US-China summit, which may improve liquidity expectations [10][12] - The cautious sentiment in the Hong Kong market is attributed to investors' focus on the Chinese economy and policy rhythm, as well as the impact of the A-share market's consolidation [7][8] - Structural opportunities are emerging in sectors such as finance and technology, with HSBC expected to benefit from improved capital efficiency and a favorable interest rate cycle [15][16][17]