Core Viewpoint - The Hong Kong stock market is showing strong performance, with the Hang Seng Index and Hang Seng Tech Index both rising over 20% since April, indicating a technical bull market driven by technology, pharmaceuticals, and consumer sectors [1][3]. Market Performance - The Hang Seng Index surpassed 24,000 points, and the Hang Seng Tech Index increased by 2.78% [1]. - There is a notable trend of funds returning to the Hong Kong market, with the tech and AI sectors becoming the main battleground for investments [1][3]. - A significant number of warrants saw substantial gains, with 17 warrants doubling in value and some reaching a maximum increase of 300% [3]. Liquidity Conditions - The liquidity in the Hong Kong market remains ample, with the offshore RMB Hong Kong Interbank Offered Rate (CNH Hibor) declining across all major tenors, including a drop of 15 basis points to 1.34985% for overnight Hibor, the lowest since May 28 [1][4]. - The Hong Kong Monetary Authority's liquidity measures have led to a significant reduction in Hibor rates, improving market liquidity and making dividend yields more attractive compared to market rates [5]. Future Outlook - Analysts predict that the Hong Kong stock market will continue to attract investment due to policy support and the AI boom, with a favorable valuation compared to U.S. tech stocks [7]. - The current valuation of the Hang Seng Index at around 10 times earnings presents a clear advantage over U.S. tech indices, which have significantly higher price-to-earnings ratios [7]. - The market's risk appetite may improve in the short term due to positive signals from U.S.-China relations, although long-term uncertainties remain [8].

欧洲企业在至关重要的财报披露季面对特朗普政府发起的新一轮全球关税战役依然交出比市场预期稳健 得多的业绩，为该地区股市的"牛市轨迹"可谓提供了强有力的逻辑支撑。 据Bloomberg Intelligence汇编的最新数据数据，第一季度欧洲多数行业实现销售额增长与利润率大幅提 升，推动欧洲股市上市公司的整体每股盈利(EPS)同比增长5%，远好于金融市场原先预测的1.5%下滑预 期。 虽然一些欧洲公司因未达到盈利和销售额预期而受到市场抛售惩罚，但新一轮贸易战的总体基调并不令 人担忧，高管们普遍强调，由于采取了缓解策略以及中美贸易出现积极进展，贸易战对于公司财务状况 的直接影响非常有限。 据了解，欧洲各家公司首席执行官在讨论特朗普主导的关税风暴时普遍语调乐观，更多聚焦于潜在的中 美以及美欧贸易协议。亮丽的财报数据与积极的业绩展望基调促使大部分华尔街策略师上调对于欧洲股 市的展望评级，并且他们开始预期欧洲股市牛市将在今年剩余时间继续上演。 来自花旗集团的股票市场策略师贝亚塔.曼谢(Beata Manthey)领导的团队指出："就在数周前，受宏观环境 与经济、货币政策不确定性加剧影响，欧洲市场仍在经历'衰退式'的EPS ...

智通财经APP获悉，花旗最近发布了美股投资策略研究报告，将2025年标普500指数的年终目标从6500 点下调至5800点，并将该指数的全年每股收益预期从270美元下调至255美元。这一调整主要基于关税政 策的不确定性和近期宏观经济放缓的迹象。由于政策的不确定性，花旗认为估值有所压缩是合理的。 花旗认为，在基准情景下，美国在谈判后将对等关税降至10%左右并对中国加征60%的关税，此外还将 征收额外的行业关税，并为美国公司提供一定的豁免空间。总体而言，美国进口商品的实际关税税率将 提高10-15个百分点，经济增长将适度放缓。在悲观情景下，谈判不太成功并引发更多的反制措施，美 国进口商品的实际关税税率将提高20-25个百分点，足以引发一场更严重的衰退。在乐观情景下，关税 谈判取得成功，美国进口商品的实际关税税率将降至5%左右，经济实现软着陆。 总体而言，花旗认为，宏观经济的恶化给标普500指数成分股公司的盈利前景带来了不利影响，小盘股 可能继续面临压力。不过，美股在"解放日"后大幅下挫，表明市场已经消化了关税的大部分负面影响。 花旗认为当前的市场调整提供了长期布局优质公司的好机会，建议投资者在标普500指数接近4 ...