海外策略周报：美股短期反弹后进一步下跌，港股短期承压-2025-03-29

Global Market Overview - The global market experienced a pullback this week, following a previous oversold rebound in the US stock market. The technology and financial sectors faced significant declines, with notable stocks like Nvidia, Broadcom, Oracle, and Google showing marked downturns. Major financial stocks such as Blackstone, Morgan Stanley, and Goldman Sachs also saw substantial declines [1][12][17] - The TAMAMA Technology Index fell by 3.08%, with a current P/E ratio of 31.6, indicating high valuation. The Philadelphia Semiconductor Index dropped by 5.99%, maintaining a P/E ratio of 40.5. The Nasdaq Index's P/E ratio remains at 38.8, suggesting continued high valuations amidst concerns over tariffs and a cooling AI trading phase [1][12][17] - The S&P 500 Shiller P/E ratio stands at 34.75, significantly above historical averages, indicating a need for further valuation digestion across various sectors including finance, consumer, healthcare, and industrials [1][12][17] US Market Performance - The S&P 500, Nasdaq, and Dow Jones Industrial Average all recorded declines of 1.53%, 2.59%, and 0.96% respectively this week. Within the S&P 500, the consumer discretionary sector saw a gain of 1.65%, while the information technology sector experienced a decline of 3.65% [12][16] - The performance of US-listed Chinese stocks, represented by the Nasdaq Golden Dragon Index, fell by 2.29%, highlighting ongoing volatility in this segment [21][23] Hong Kong Market Performance - The Hong Kong market also faced declines, with the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Hong Kong Chinese Enterprises Index dropping by 1.11%, 1.55%, and 1.49% respectively. The Hang Seng Technology Index decreased by 2.36% [25][31] - The healthcare sector in Hong Kong showed resilience with a gain of 3.41%, while the information technology sector fell by 2.31% [29][31] - Notable stocks in the Hang Seng Index included Country Garden Services, Shenzhou International, and Haidilao, which rose by 13.78%, 5.54%, and 4.52% respectively [31][32] Economic Data - In February 2025, the US core PCE year-on-year growth was reported at 2.79%, up from 2.66% previously, indicating inflationary pressures [4][43] - The UK CPI year-on-year growth for February was 2.8%, down from 3%, while the core CPI was 3.5%, also lower than the previous 3.7% [41][43]