【中金：港股回调到位了吗？】中金认为，港股回调源于三重压力：美联储鹰派预期引发流动性收紧担忧、市场质疑AI资本开支回报致科技权重股承压、制造业PMI低于预期显示基本面偏弱。短期市场或存在超调，有向上修复空间。中期看，信用周期决定指数空间有限（恒指28000-29000点），机会在景气结构，...

Core Viewpoint - The Hong Kong stock market is experiencing a correction due to three main pressures: hawkish expectations from the Federal Reserve leading to concerns over liquidity tightening, skepticism regarding the return on AI capital expenditures affecting technology-heavy stocks, and a manufacturing PMI that fell below expectations indicating a weak fundamental outlook [1] Group 1 - The correction in the Hong Kong stock market is attributed to a combination of factors including liquidity concerns from the Federal Reserve's hawkish stance [1] - There is skepticism in the market regarding the returns on capital expenditures in AI, which is putting pressure on technology-weighted stocks [1] - The manufacturing PMI has shown a decline below expectations, reflecting a weaker fundamental economic outlook [1] Group 2 - In the short term, the market may have overcorrected, suggesting potential for upward recovery [1] - In the medium term, the credit cycle is expected to limit the index's potential, with projections for the Hang Seng Index to range between 28,000 and 29,000 points [1] - Investment opportunities are identified in sectors with structural growth, particularly in essential retail, technology hardware, and new consumption [1]