机构研究周报：A股或受益港股重估，转债有望迎供需错配牛

Focus Review - The article discusses the potential impact of Trump's decision to raise steel tariffs to 50%, which may lead to retaliatory measures from the EU, indicating ongoing uncertainty in global trade policies [1] - The article highlights that the core asset pricing power is gradually shifting towards Hong Kong, with the potential for more quality leading companies to list in Hong Kong, catalyzing a shift in A-share market style towards core assets [2][3] Equity Market - Hong Kong's structural changes and cyclical improvements are expected to attract global allocation funds, which may spill over into A-shares, benefiting core assets with high and stable ROE [2] - The article notes that the demand for convertible bonds may increase due to a mismatch in supply and demand, potentially leading to a bull market in this sector [3] Industry Research - The article mentions that the consumer, cyclical, and self-controlled sectors are likely to gain more attention as A-share earnings improve despite external tariff disturbances [8] - It also points out that the Hong Kong innovative drug sector is entering a "harvest period," with most valuations still within a reasonable range, indicating long-term growth potential [9] - The defense and military sector is highlighted as leading in performance, driven by expectations of accelerated domestic engine development due to potential U.S. export restrictions [10] Macro and Fixed Income - The article discusses the downward shift in the central rate of funding, which is expected to benefit short-term assets, as the bond market returns to a fundamental pricing logic [16] - It emphasizes that the convertible bond market may experience a bull market due to supply-demand mismatches, with a gradual upward trend expected in the coming years [18] Asset Allocation - The article suggests a balanced and defensive asset allocation strategy in response to external risks, highlighting the importance of dividend assets and technology innovation investments in the A-share market [20] - It notes that the Hong Kong market is stabilizing due to low valuations and policy support, with increasing domestic pricing power as southbound capital flows continue [20]