春节假期港股先抑后扬，上市公司业绩披露主导一季度走势

Group 1 - The core point of the article highlights that the recent invalidation of certain tariffs by the U.S. Supreme Court has triggered a significant rebound in global stock markets, particularly in Hong Kong, where the Hang Seng Index rose by 2.53% to close at 27,082 points on February 23, with a trading volume of 172.9 billion HKD [2] - The Hang Seng Tech Index also saw a substantial rebound of 3.34%, closing at 5,385 points, following a recent adjustment low on February 20 [2] - Analysts indicate that the volatility in the Hong Kong market is influenced by U.S. tariff policies and geopolitical factors, with upcoming earnings reports from listed companies expected to play a crucial role in shaping market trends in the first quarter [2][3] Group 2 - Market sentiment is highly sensitive to external information, with recent fluctuations driven more by technical and funding factors rather than fundamental changes [3] - The upcoming earnings season, particularly from technology and consumer sectors, is anticipated to provide solid fundamental support for the market, with investors advised to closely monitor company announcements and future outlooks [3] - The recent court ruling is viewed as a signal of easing trade tensions, contributing to a rapid recovery in market sentiment, although uncertainties remain regarding Trump's new tariff policies and potential tax refund lawsuits [4] Group 3 - The earnings reports from major tech companies, including Tencent and Alibaba, are expected to be mixed, with concerns over capital expenditures and cash flow, but the overall performance is projected to improve by Q4 2025 [4] - The inability of these companies to conduct buybacks during the earnings silence period may change post-announcement, potentially providing support for stock prices [4]