港股周观点：冲突升级，港股承压-20260323

Group 1 - The report indicates that global markets weakened, with the Hang Seng Index and its sub-indices all declining, particularly the Hang Seng Technology Index which fell by 2.12% [1] - The report highlights that the energy sector led gains with a 0.9% increase, while the materials sector experienced the largest decline at 11.3% [1] - Concerns over increased capital expenditures by major tech companies like Tencent and Alibaba are pressuring technology stocks, leading to a cautious market sentiment [1] Group 2 - The report notes a net outflow of 6.3 billion HKD from southbound funds, a significant decrease from the previous week's outflow of 58.7 billion HKD [2] - The report mentions that the net inflow into ETFs targeting the Hong Kong market has slowed, with a total scale decreasing to 437.88 billion HKD, down by 1.65 billion HKD [2] - The report identifies the top net inflows in sectors such as financials, non-essential consumer goods, and information technology, while materials saw net outflows [2] Group 3 - The outlook suggests that sustained high oil prices may delay the Federal Reserve's shift in policy, increasing global liquidity pressure and continuing to suppress emerging risk assets like Hong Kong stocks [3] - The report warns of potential further declines in the Hang Seng Technology Index due to ongoing geopolitical uncertainties and high volatility in the U.S. market [3] - The report recommends a defensive investment strategy, emphasizing the importance of value dividends and the potential of China's new energy sector as a scarce global asset [3] Group 4 - Key upcoming data and events include the Bank of Japan's monetary policy meeting minutes on March 25 and U.S. initial jobless claims on March 26 [4] - The report lists several important earnings reports from companies such as Xiaomi and Meituan scheduled for the upcoming week [4]