上午为何跌这么多？

Market Overview - The market experienced significant declines, with nearly 5000 stocks falling, influenced by tightening liquidity in the financial markets and a notable net sell-off of -4 billion from southbound funds [1][2] - The recent press conference did not provide specific short-term policies but emphasized a long-term strategy focusing on a "slow bull" market, technology enhancement, and support for industry consolidation, which may disadvantage small-cap stocks [1][2] Small-Cap Stocks - Small-cap stocks, particularly those with high valuations and no earnings, are underperforming in the current market environment, as evidenced by the significant declines in indices tracking low-priced and low-profit stocks [3][4] - The shift in market style from small-cap to large-cap stocks has been noted, with large-cap indices outperforming small-cap indices over the past month [11][13] Hong Kong Market Dynamics - The Hibor rate has reached a yearly high, impacting the valuation of Hong Kong stocks and increasing financing costs, which may suppress market liquidity [6][9] - The rise in Hibor rates has historically correlated with weaker performance in the Hong Kong technology sector [9][10] Market Sentiment and Trends - Despite recent net sell-offs in financing, there has been a resurgence in buying activity, particularly in the consumer electronics and semiconductor sectors, indicating sustained market interest [19][20] - The overall market sentiment remains optimistic regarding AI and its growth potential, as reflected in the performance of related stocks [31] Investment Strategies - Investors are advised to maintain balanced portfolios and avoid chasing high valuations, especially in the context of rapid market rotations [23][30] - There are ongoing promotional activities related to AI investment products, encouraging participation while emphasizing risk management [29][30]