Group 1 - The core viewpoint is that the Hong Kong stock market is expected to benefit from the continuous inflow of southbound funds, with clear signs of valuation recovery [1] - In a low interest rate environment, the attractiveness of high dividend sectors in the Hong Kong stock market has increased, particularly in the upstream resource industry, which has performed well overall [1] - Recent market sentiment has been improving, with rising expectations for a Federal Reserve interest rate cut further boosting risk appetite for Hong Kong stocks [1] Group 2 - In the medium to long term, the valuation advantages of the Hong Kong stock market and the trend of industrial transformation and upgrading remain promising, with the technology and consumer sectors likely to continue rising under dual support from policies and funds [1] - The current market maintains a "Hong Kong dividend" allocation, with certain upstream resource sectors benefiting from "anti-involution" sentiment and capital inflows, showing notable performance [1] - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect High Dividend Index (930914), which selects high dividend companies that meet continuous dividend criteria from the Stock Connect range, covering multiple industries such as finance, energy, and industrials [1]

首先，中美经贸磋商提升市场预期，但地缘局势扰动市场神经。上周中美双方在英国举行了新一轮 经贸磋商，这是上周四两国元首电话沟通之后的迅速工作跟进，高效的协调进程有利于缓解市场的担 忧。当然。近期国内资本市场重心缓慢上移，也已经部分定价了该预期。临近周末，中东地区地缘事件 成为扰动市场神经的重要边际变量。上周五，亚太地区的股市大都由此而产生些许调整，不过总体调整 幅度不大，国内股市仍有自我稳定的韧性。 上周，两市震荡微跌，成交再次回升。沪指上周来回拉锯，周中高点接近五月中旬的高点，但最终 小幅调整，沪指收盘跌破五天均线。深圳成指上周围绕 60 天均线反复争夺，周五收盘未能收复该均 线。量能方面，上周两市日均量能超过了 13000 亿，连续两周回升。上周市场热点主要集中在上游资源 品和医药行业。投资风格方面，中小盘风格跌幅更大，大盘蓝筹相对抗跌。 从市场运行节奏看，沪指反身向上，但在 5 月中旬的高点附近遇到阻力。沪指于 5 月中旬逐步向下 调整，呈现高低点同步下移特征。但最终在 60 天均线获得支撑后，重新展开了一波反弹，上周在接近 5 月中旬的高点后，遇阻回落。这提示我们，去年四季度的成交密集区以及今年一季度的 ...