港股调整，短期不确定性有所增加

Market Performance - The Hong Kong stock market experienced a decline of 3.13% last week, primarily driven by the underperformance of the consumer discretionary, technology, and healthcare sectors[1] - The materials sector, however, saw an increase of 1.08%, with a year-to-date gain of nearly 140%[1] - The net inflow of funds through the Hong Kong Stock Connect was HKD 2.645 billion, indicating a cautious market sentiment[1] Investment Environment - The external environment for the Hong Kong market remains stable, with strong structural bull market characteristics observed[2] - Recent inflation data from both China and the U.S. showed stable price levels, increasing expectations for a potential interest rate cut by the Federal Reserve in September[2] - The anticipated policy easing from the Federal Reserve may lead to corresponding supportive measures in China, which could bolster Hong Kong stock valuations in the medium to long term[2] Future Outlook - The primary external uncertainty facing the market is the escalation of U.S.-China tensions, particularly with new regulatory measures announced by both sides[3] - Despite the potential for increased volatility, the likelihood of the new tariffs being implemented is considered low, as both parties still have room for negotiation[3] - The current market conditions may present favorable entry points following short-term adjustments, with expectations for a quick recovery in Hong Kong stocks[3] Sector Analysis - The technology sector saw a significant decline of 5.83% last week, while the healthcare sector dropped by 6.33%[12] - In contrast, the utilities and energy sectors showed resilience, with gains of 1.57% and 1.37%, respectively[15] - The overall market sentiment is cautious, influenced by high valuation levels in certain sectors and profit-taking behavior among investors[7]