港股周观点：“过山车”行情还要持续多久？-20260331

Group 1 - The report indicates that global markets weakened, with the Hang Seng Index down 1.3%, and the Hang Seng Tech Index down 1.9% during the week of March 23-27, 2026 [1] - The healthcare sector led gains with a 2.9% increase, while the information technology sector saw a decline of 3% [1] - The report highlights that geopolitical tensions, particularly regarding the Middle East, and expectations of interest rate hikes are impacting market performance [1][3] Group 2 - There was a net inflow of 25.1 billion HKD from southbound funds, an increase of 31.4 billion HKD from the previous week [2] - The report notes that the total scale of ETFs directed towards the Hong Kong market decreased to 434.53 billion HKD, with a net outflow of 3.34 billion HKD [2] - The top net purchases included Alibaba, Xiaomi, and Pop Mart, while significant net outflows were seen in financial and materials sectors [2][12] Group 3 - The outlook remains cautious due to ongoing US-Iran tensions, with recommendations to wait for catalysts before making investment decisions [3] - The report suggests that if the US-Iran conflict extends beyond expectations, there could be further downside risks for US and Hong Kong markets [3] - It emphasizes a defensive strategy, focusing on value dividends and sectors like new energy and innovative pharmaceuticals [3] Group 4 - Key upcoming data includes China's official manufacturing PMI on March 31, and the US ISM manufacturing PMI on April 1 [4] - Earnings reports from major companies such as Bank of China and Vanke Enterprises are scheduled for March 30 and 31 [4]