中泰国际：政策进入空窗期，部分港股企业公布一季度业绩后出现明显的盈利预期下修

Market Overview - On May 28, the Hang Seng Index fell by 123 points or 0.5%, closing at 23,258 points, remaining below the 20-day moving average for three consecutive trading days[1] - The Hang Seng Tech Index decreased by 0.2%, closing at 5,174 points, indicating a weaker performance compared to the Hang Seng Index[1] - Daily trading volume dropped to over HKD 180.8 billion, with a net inflow of HKD 3.58 billion through the Stock Connect[1] - Average daily trading volume in May has decreased by approximately 17.5% compared to the average since the beginning of the year[1] Sector Performance - Low beta stocks in telecommunications, energy, and food and beverage sectors performed well, with Budweiser APAC (1876 HK) and Nongfu Spring (9633 HK) rising by 4.1% and 3.2% respectively[1] - Notable declines were observed in "new consumption" stocks, such as Mixue Group (2097 HK) and Pop Mart (9992 HK), which fell by 5.5% and 7.1% respectively[1] Economic Indicators - The real estate market showed slight improvement, with new home transaction volume in 30 major cities reaching 2.02 million square meters, a year-on-year increase of 0.2%[4] - The inventory-to-sales ratio for new homes in major cities decreased to 85.3, down from 93.7 a year ago[6] - Land transaction volume in 100 major cities fell by 35.8% year-on-year, indicating a significant decline in land sales activity[7] Investment Strategy - The market is currently under pressure from both internal and external factors, with a lack of positive catalysts and ongoing uncertainties in U.S.-China trade negotiations[1][11] - Investment strategies should focus on defensive sectors such as telecommunications, utilities, and energy, as well as consumer sectors benefiting from policy support[11]