贸易战及地缘紧张局势边际缓和，风险资产持续反弹，港股上周连续第三周上升，恒生指数全周升2.4%

Market Overview - The Hang Seng Index rose 2.4% last week, closing at 22,504 points, recovering most of the losses since the "reciprocal tariffs" were implemented[1] - The Hang Seng Tech Index increased by 5.2%, closing at 5,244 points, with all 12 major sectors in the Hong Kong stock market showing gains[1] - Weekly trading volume decreased by 26.3% to HKD 170.5 billion, and net inflow from the Hong Kong Stock Connect dropped to HKD 1.24 billion[1] Economic Indicators - The global stock markets have largely recovered from the declines following the imposition of tariffs, with cyclical commodities like copper rebounding significantly, while safe-haven assets like gold have seen price declines[1] - Asian currencies showed volatility, with the New Taiwan Dollar rising 4.4% in a single day, and the offshore RMB increasing by 0.92% to 7.21, indicating capital inflow into the region[1] Investment Insights - The current forecasted PE for the Hang Seng Index has risen to 10 times, with risk premiums below one standard deviation of the rolling two-year average, indicating a significant recovery in valuations[2] - The April PMI data from China suggests increasing pressure on manufacturing and service sector activity, which may lead to downward pressure on prices and corporate earnings forecasts[2] Sector Performance - In the automotive sector, BYD's sales increased by 21.3% year-on-year, while Geely's sales rose by 52.7% year-on-year, with most automotive stocks rising between 2% and 7% last week[3] - The healthcare sector saw the Hang Seng Healthcare Index rise by 2.4%, with notable increases in companies like Innovent Biologics and Rongchang Biologics, reflecting strong operational performance[4] Policy and Regulatory Changes - Guangzhou announced a water price increase of up to 93.2%, with residential water prices rising significantly, which may influence water supply industries nationwide[11] - The adjustment in water pricing is expected to support the national water supply industry and may lead to similar price increases in other cities, such as Shenzhen[13]