港股周观点：科技阵痛与地缘阴霾交织，静待“两会”破局之机-20260302

Group 1 - The report indicates that the Hong Kong stock market is currently in a consolidation phase, with short-term focus on sectors such as oil and gas, non-ferrous metals, and military industries due to geopolitical tensions [3] - The Hang Seng Technology Index has been under pressure, leading to a decline in investor confidence, particularly as concerns about AI persist and the recent Nvidia earnings report failed to boost the tech sector [3][4] - The report highlights a significant inflow of funds into ETFs targeting the Hong Kong market, with a total scale reaching 444.26 billion, an increase of 13.64 billion, indicating a growing interest in TMT, technology, and manufacturing sectors [2][4] Group 2 - The report notes that the market is awaiting the outcomes of the "Two Sessions," with expectations that policies will continue to focus on supply-side reforms, particularly in technology and infrastructure investments [3] - The report emphasizes that the performance of the Hong Kong stock market is sensitive to geopolitical risks, particularly the ongoing US-Iran conflict, which may affect oil prices and inflation expectations [3] - The report mentions that the net inflow of southbound funds has slowed, with the proportion of Hong Kong stock trading volume decreasing to 32% this week, indicating a cautious market sentiment [1][9]