美股策略：市场结构性转变：东升西降行情的操作机会

Market Overview - The report highlights a structural shift in the market, indicating an "East rises, West declines" trend, presenting operational opportunities [1][9]. - Recent volatility in the US stock market is noted, with the S&P 500 and NASDAQ both experiencing declines of 3% and 3.3% respectively over the past week [9]. Economic Indicators - US employment data shows weakness, with the ADP report indicating an increase of only 77,000 jobs in February, significantly below market expectations of 146,000 [13]. - The Challenger report reveals a year-on-year increase in announced layoffs by 103%, reaching 172,000, the highest since July 2020 [13]. - The ISM manufacturing PMI for February stands at 50.3, slightly below expectations, with employment indices indicating contraction [18]. Interest Rate Trends - The report discusses a rise in panic sentiment leading to a decline in interest rates, with the 10-year Treasury yield dropping to 4.2% [26]. - The expectation for interest rate cuts has increased from 1.2 to 3 times this year, reflecting concerns over economic slowdown [26]. Hong Kong Market Insights - The report emphasizes the positive impact of the "Two Sessions" on the Hong Kong stock market, with a focus on stimulating the digital economy and technology sectors [32]. - The government aims for a GDP growth target of around 5% for 2025, with increased fiscal deficit to support economic resilience against trade tensions [32]. Upcoming Focus - The report indicates that market attention will be on upcoming inflation data, with expectations for the core CPI to show a month-on-month increase of 0.3% [34]. - The focus on technology and consumption sectors is expected to drive market performance, particularly in Hong Kong, amidst ongoing trade war concerns [34].