提前预判调整，张忆东解读今天大跌：恒生科技被错杀，特朗普的关税战，天雷滚滚但不持续

Core Viewpoint - The article discusses the recent significant drop in global stock markets, attributing it to Trump's tariff policies and suggesting that while the market is experiencing turbulence, it is not a long-term threat [4][13]. Market Overview - On April 7, global stock markets, including China, experienced a severe downturn, with the Shanghai Composite Index falling by 7.34% to 3096.58 points and the ChiNext Index dropping by 12.5% to 1807.21 points, marking its largest single-day decline in history [3]. - The Hang Seng Index fell by 13.22% to 19828.30 points, while the Hang Seng Technology Index plummeted by 17.16% to 4401.51 points [3]. Short-term Market Sentiment - Short-term market sentiment is characterized by high levels of trading activity and short-selling, with the short-selling ratio in Hong Kong exceeding 20%, indicating extreme bearish sentiment [46][48]. - The article suggests that the recent market movements are a result of profit-taking after a period of high investment activity [2]. Investment Strategy - The company recommends a defensive investment strategy in the short term, advising against using leverage when attempting to buy the dip [9][90]. - It emphasizes the importance of waiting for clearer signals before making significant investments, suggesting that the current market conditions are still uncertain [93]. Long-term Outlook - The article maintains a positive long-term outlook on Chinese assets, asserting that the revaluation of these assets is far from over, particularly in the technology and new consumption sectors [10][102]. - It highlights the potential for a rebound in the Chinese market, driven by domestic economic policies and the resilience of the Chinese economy [6][37]. Sector-Specific Insights - The technology sector, particularly companies like Tencent, is viewed as undervalued and poised for recovery, with a significant portion of the market capitalization in Hong Kong now represented by technology and new consumption companies [51][54]. - The article also points to the military and gold sectors as strategic assets worth considering for investment, given the current geopolitical climate [109][111]. Conclusion - The article concludes with a call for confidence in the Chinese market, suggesting that the current turbulence presents an opportunity for strategic investment in high-growth sectors [116][87].