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市场转向宽幅震荡,等待回调后的布局机会

Market Overview - The market has shifted into a broad consolidation phase, with expectations of a pullback for re-entry opportunities[1] - The Hang Seng Index increased by 1.1%, while the Hang Seng Tech Index decreased by 0.7%[2] - Southbound capital flows reversed from an outflow of HKD 8.7 billion to an inflow of HKD 19 billion this week[2] A-Share Market Dynamics - A-shares showed signs of fatigue, with micro-cap stocks experiencing significant sell-offs, retreating by 8.7% from intraweek highs[3] - The CSRC's relaxation of M&A regulations had limited impact on market activity, leading to increased losses for late entrants[3] U.S. Market Influence - U.S. equities, after a strong rebound, are facing resistance at previous highs, with the Nasdaq and S&P 500 down by 2.5% and 2.6% respectively[4] - The 10-year U.S. Treasury yield rose to 4.5%, while the 30-year yield surpassed 5%[4] Investment Strategy Recommendations - Investors are advised to trim positions during market rebounds, particularly in light of tariff impacts on economic data[5] - Long-term strategies should focus on sectors like internet platforms and AI applications, especially near key index levels of 21,000 for the Hang Seng Index and 3,200 for the Shanghai Composite[5] Risks to Monitor - Potential risks include slower-than-expected implementation of growth stabilization policies and escalating overseas uncertainties[6]