资产配置日报：关税大反转？将信将疑-20250529

Core Insights - The report discusses the recent developments regarding tariffs, highlighting a significant ruling by a U.S. court that deemed President Trump's tariff actions illegal, which has led to a rise in market risk appetite and a rebound in domestic equity markets [2][5][9] - The report indicates that while the immediate market reaction has been positive, uncertainties remain regarding the future of tariff policies, as the Trump administration may still pursue alternative legal avenues to maintain tariffs [3][9] Domestic Market Performance - The Shanghai Composite Index closed at 3363.45, up by 0.70%, while the CSI 300 Index rose by 0.59% to 3858.70 [1] - The technology sector showed strong recovery, with the STAR 50 Index increasing by 1.61% and the Hang Seng Tech Index rising by 2.46% [2][6] - Small-cap stocks also performed well, with the CSI 2000 and Wind Micro Cap indices up by 1.75% and 1.85%, respectively [7] Bond Market Dynamics - The bond market experienced upward pressure on yields, with 10-year and 30-year government bond yields rising by 0.5 basis points to 1.69% and 1.93%, respectively [2][4] - The report notes a shift in sentiment in the bond market as the People's Bank of China injected liquidity through reverse repos, leading to a decline in long-term interest rates [4] Technology Sector Insights - The technology sector's rebound is attributed to positive developments from major companies like NVIDIA, which reported revenues of $44.1 billion, slightly above expectations, and provided optimistic future guidance [6][7] - The report highlights that the TMT sector's previous underperformance has made it more susceptible to positive news, leading to a stronger reaction to favorable developments [7] Hong Kong Market Overview - The Hang Seng Index and Hang Seng Tech Index rose by 1.35% and 2.46%, respectively, with significant net inflows from southbound funds, particularly into Meituan [8] - The report notes a decrease in the AH share premium index, indicating a shift in investor sentiment towards Hong Kong-listed technology stocks [8]