港股市场从关税博弈中信心回归

Core Insights - The report highlights a recovery in the Hong Kong stock market driven by the easing of tariff tensions between China and the U.S., with the Hang Seng Index rising by 2.09% during the week of May 12 to May 16, 2025 [2][15][44] - The report emphasizes the importance of the new regulations on major asset restructuring for listed companies, which are expected to enhance market activity and resource allocation efficiency [9][44] Domestic Developments - In April 2025, China's new social financing scale reached 1.1591 trillion yuan, a year-on-year increase of 1.2249 trillion yuan, primarily driven by government bond financing [4][6] - The People's Bank of China has implemented policies to lower interest rates and reserve requirements, which are expected to gradually boost corporate earnings in the Hong Kong market [44] International Developments - The U.S. and China agreed to significantly reduce bilateral tariffs, with the U.S. canceling 91% of its additional tariffs and China reciprocating, which is anticipated to positively impact both economies [10][44] - U.S. inflation pressures have eased, with the Consumer Price Index (CPI) rising by 2.3% year-on-year in April, marking the lowest level since February 2021 [11][44] Market Performance - All eleven sectors in the Hong Kong stock market experienced gains, with financials, information technology, and consumer discretionary leading the way [17][44] - The average daily trading volume on the Hong Kong Stock Exchange increased to 231.274 billion HKD, reflecting heightened market activity [21][44] Investment Outlook - The report suggests focusing on sectors that will benefit from improved U.S.-China relations, such as durable consumer goods, defense, and technology, as well as those that will gain from domestic demand expansion [44] - Current valuations in the Hong Kong market are at historical averages, indicating potential for growth in the near term [24][34]