资金入场意愿不高，全球投机氛围升温

Group 1 - The current market requires patience for the progress of Sino-US negotiations and the implementation of domestic stimulus policies, with weakening momentum in consumption and foreign trade expected to shift funds back to the technology sector once trade tensions ease [1][4][8] - The Hang Seng Index rose by 2.7% and the Nasdaq index increased by 6.7% due to Trump's remarks about adjusting tariffs, while trading volumes in both Hong Kong and A-shares remained low, indicating continued investor caution [1][2][8] - In Hong Kong, the healthcare and information technology sectors led the gains, while in A-shares, consumer staples, utilities, and technology sectors saw increases [1][8] Group 2 - The Politburo meeting maintained a stable policy stance, failing to boost risk appetite in A-shares, with uncertainties in Sino-US trade relations persisting despite signals of easing tensions from Trump [3][10] - The market exhibited a weak speculative trend, with gains in speculative and small-cap stocks, as well as a rebound in previously oversold technology stocks, driven by funds seeking refuge in sectors with larger corrections [10][11] - The report suggests that the global risk appetite will only improve once substantial negotiations in the trade war begin, and advises investors to wait for a second dip buying opportunity, particularly in the Hong Kong internet sector [4][11] Group 3 - The report emphasizes the high interdependence between the US and Chinese economies, predicting that the window for negotiations will not be too long, and suggests focusing on technology stocks that have undergone significant corrections [4][11] - The artificial intelligence industry may receive further policy encouragement in China, and foreign trade and cross-border payments are expected to continue receiving significant policy support [4][11]