策略点评：全球普涨，美股创新高—港股&海外周观察

Market Overview - The US stock market is in a rebound trend, reaching new historical highs, with the Nasdaq leading with a 4.2% increase, followed by the Dow Jones and S&P 500 with 3.8% and 3.4% gains respectively[2] - Developed markets saw a 3.3% increase this week, while emerging markets also rose by 3.3%[8] Hong Kong Market Insights - The Hong Kong stock market remains in a volatile trend, requiring new catalysts to break previous highs[2] - The Hang Seng Index increased by 0.4%, while the Hang Seng Tech Index decreased by 0.9% this week[8] Economic Indicators and Predictions - The Federal Reserve's dovish stance has increased the probability of interest rate cuts, with expectations for three cuts by the end of the year[4] - The upcoming data verification period will shift focus towards economic fundamentals and corporate earnings[2] Investment Trends - Significant inflows into US stock ETFs were noted, with a net inflow of approximately $42.7 billion over the past two weeks, surpassing other markets[6] - The technology sector remains optimistic, driven by strong performance from companies like Micron Technology and Nvidia, which are benefiting from AI infrastructure demand[5] Sector Performance - The industrial, healthcare, and financial sectors saw the highest net inflows in global stock ETFs, while energy, technology, and materials sectors experienced notable outflows[10] - The Hang Seng Index's price-to-earnings ratio (P/E) is currently at a critical level, indicating potential valuation opportunities[22]