Group 1 - The impact of tariff policies on the US economy is becoming evident, with service sector PMI falling short of expectations and several sub-indices deteriorating rapidly [1] - Although imports have sharply decreased, leading to a reduction in the US trade deficit, consumer spending has noticeably weakened [1] - The market has raised the probability of a rate cut by the Federal Reserve in September to nearly 90%, despite PMI remaining above 50, which does not provide sufficient justification for an immediate rate cut [1] Group 2 - In the short term, market liquidity is deemed more critical than fundamentals for driving market performance, as evidenced by the rising stock market despite declining GDP growth since 2011 [1] - The continuous influx of capital from the north to the south is expected to lead to new highs in the Hong Kong stock market in the second half of the year, following historical trends [1] - Both Hong Kong and A-share markets present numerous investment opportunities, with Hong Kong benefiting from abundant liquidity and potential synchronized rate cuts by the Federal Reserve [2] Group 3 - A-share sectors such as infrastructure, Apple supply chain, Tesla supply chain, and the Sci-Tech Innovation 50 are performing well and are not available in the Hong Kong market [2] - The challenges faced in the current anti-involution measures are more significant than previous efforts, with upstream industries experiencing prolonged deflation that is affecting downstream sectors [2] - The worst outcomes of the US-China trade war are believed to be behind, although negative headlines may still cause short-term market fluctuations [2][3]