港股、海外周观察：关税“截止日”临近，港美股还能进一步新高吗？

Core Insights - The report indicates that the Hong Kong stock market is in an upward trend, with the Hang Seng Index breaking previous highs and showing strong support against declines. There is a focus on potential capital inflows and risk appetite among investors [1][3] - Investor sentiment has improved, with trading volumes significantly increasing. There is still potential for some funds, particularly insurance capital, to increase their positions [1][3] - Institutional investors are expected to provide momentum for the overall rise in the Hong Kong stock market, with a consensus on increasing allocations to dividend stocks and technology stocks. Additionally, sectors with strong performance and relative undervaluation, such as innovative pharmaceuticals, are gaining attention [1][3] - In the U.S. stock market, Q2 earnings have exceeded expectations, particularly in the technology sector, which has been a strong catalyst for market performance. As of July 27, 2025, 66.2% of companies reported revenues above expectations, and 77.1% reported profit growth exceeding forecasts [3][6] - The U.S. has seen a shift in trade policies, with agreements reached with Japan and the EU, which may ease tariff pressures and support economic recovery [2][6] Hong Kong Market - The Hang Seng Index and Hang Seng Technology Index have shown significant gains, with increases of 2.3% and 2.5% respectively in the past week. The financial and healthcare sectors have seen substantial inflows, while the telecommunications sector has experienced outflows [4][17] - The report highlights that the overall market is supported by institutional investors' preferences for dividend stocks and technology stocks, which are expected to drive further market growth [1][3] U.S. Market - The S&P 500 index rose by 1.5%, the Dow Jones by 1.3%, and the Nasdaq by 1% in the past week, driven by improved trade policies and positive sentiment in the technology sector [1][3] - The report notes that the U.S. economy is transitioning from a "policy detox" phase to an "economic recovery" phase, supported by lower interest rates, tax cuts, and reduced tariffs [6][5] - The report anticipates continued upward momentum in the U.S. stock market, with a focus on the upcoming trade negotiations and economic data releases [5][39] Global Market Trends - Both developed and emerging markets have seen gains, with developed markets up 1.5% and emerging markets up 0.7% in the past week. The report emphasizes the overall positive sentiment across global markets [4][9] - The report indicates a slowdown in net inflows for global equity ETFs, while bond ETFs have seen accelerated inflows, suggesting a shift in investor preferences [7][35]