港股、海外周观察：静待反弹

Market Overview - Hong Kong stocks are expected to experience short-term fluctuations, with a potential slowdown in upward momentum, but current levels are attractive for medium to long-term investment[1] - The Nasdaq fell by 3.0%, S&P 500 dropped by 1.6%, and Dow Jones decreased by 1.2% last week, with energy and financial sectors leading gains while information technology lagged[1] Economic Indicators - October saw over 150,000 layoffs in the U.S., a 175% increase year-on-year, marking the highest number of layoffs for October since 2003[2] - Non-farm employment in the U.S. decreased by 9,100 in October, indicating a contraction in the labor market, primarily driven by government job losses due to the ongoing government shutdown[2] Liquidity and Monetary Policy - The usage of the Fed's Standing Repo Facility (SRF) surged to nearly $15 billion, the second-highest since its establishment, indicating tight liquidity conditions[2] - The Treasury General Account (TGA) is expected to decrease as the government shutdown ends, alleviating liquidity pressures[6] AI Sector Concerns - OpenAI's CFO suggested the need for government support for AI infrastructure, raising market concerns about the sustainability of AI investments amid scrutiny of tech companies' capital expenditures[3] Investment Recommendations - Focus on dividend stocks, as historical data shows higher relative performance in November and December, although the elasticity of dividends may weaken compared to the past two years[1] - The technology sector's short-term upward momentum is limited, pending upcoming earnings reports from major tech companies[1] ETF Flows - Global stock ETFs saw a net inflow of $316.62 billion, while bond ETFs experienced a net inflow of $112.37 billion, indicating a shift in investor sentiment[8] - The top three sectors for net inflows in stock ETFs were technology, healthcare, and energy, while consumer staples, materials, and discretionary sectors saw the most outflows[8]