中金下半年策略重磅发布：港股更优，美股仍强，波动中找机会

Core Viewpoints - The current market lacks direction, but volatility in Q3 presents opportunities for allocation [1] - U.S. assets are not pessimistic, with potential for outperformance; U.S. stocks may provide buying opportunities upon correction [1][6] - The Chinese market focuses more on structural opportunities, with Hong Kong stocks outperforming A-shares [2][12] U.S. Market Insights - The U.S. credit cycle may restart, but Q3 is expected to remain chaotic, providing buying opportunities during volatility [6][9] - Tax cuts are expected to support consumer spending and stimulate corporate investment, with a projected deficit rate reduction in FY2025 [8][9] - The Federal Reserve may lower interest rates twice to 3.75-4%, supporting real estate and traditional investments [7][9] Chinese Market Insights - The Chinese credit cycle is still in a contraction phase, with high costs suppressing private sector leverage [10][11] - Structural market conditions lead to "asset scarcity," with investors seeking stable returns or growth-oriented assets [11][12] - The focus on Hong Kong stocks reflects a preference for quality assets amid limited growth expectations in the broader market [12]