文 | 银行螺丝钉 （转载请注明出处） 港股今天继续下跌。 港股红利等价值风格坚挺，略微上涨。 港股科技股下跌。 今天大盘盘中一度下跌1%，不过到下午出现了"神奇两点半"。 快收盘前大幅上涨，中证全指上涨1.5%，还在4.3星，距离4.2星不远。 大中小盘股都上涨。 小微盘股上涨少一些。 小微盘前段时间上涨比较猛烈，北证50、中证2000领涨，北证50一度达到高估。 不过市场总资金有限，最近科创创业板比较强势，资金追涨流入科创板，小微盘就出现下跌。 成长风格强势的时候，价值风格就低迷一些。 红利价值等指数略微上涨。 今年港股春节后比A股多了一轮上涨行情，港股科技比A股科技一度多涨了20-30%。 最近A股出现补涨行情，港股相对低迷。 不过就像之前咱们说的，时间拉长后，A股和港股长期回报差不多，只是涨跌阶段有区别。 目前港股科技还没回到低估，耐心等待。 最近股票市场比较强势，债券市场就比较低迷。 今天长期纯债再次出现大跌。 不过到目前为止，10年期国债收益率在1.7-1.8%上下，长期纯债性价比还不太高。 一般长期纯债在2-3%之间，价格相对合理。 固收+品种因为含有一部分股票，今年整体比较稳定。 月薪宝（点击 ...

Group 1 - The U.S. employment data for June shows mixed results, indicating a steady but weakening economic trend, with expectations of fiscal easing from the "Great Beautiful" plan suggesting resilience in the economy for the near term [1] - China's manufacturing and construction PMI showed marginal improvement in June, with strong midstream equipment manufacturing driven by exports and new industries [1] - The central government has reiterated the need to address low-price disorderly competition in industries such as photovoltaics, lithium batteries, and automobiles, leading to increased expectations for "anti-involution" policies [1] Group 2 - The bond market experienced a shift to a looser funding environment post-quarter-end, with overall stability and a slight upward trend, despite weak fundamentals [1] - A-shares are under pressure in terms of corporate earnings, but liquidity and risk appetite are showing signs of recovery, suggesting a bullish market outlook [1] - A suggested investment strategy includes a "barbell" approach, balancing growth assets in Hong Kong and A-shares with low-volatility dividend assets until key economic indicators confirm an upward trend [1] Group 3 - The current low AH share premium and high U.S. Treasury yields may exert medium-term adjustment pressure on the Hong Kong stock market [2] - Oil demand is expected to be weak in 2025, with ongoing supply releases putting downward pressure on oil prices, influenced by geopolitical uncertainties [2] - Economic policy uncertainties due to tariffs and doubts about the dollar's credibility are likely to support a long-term bullish trend for gold prices, although short-term volatility is expected [2] Group 4 - The formation of a MACD golden cross signal indicates positive momentum for certain stocks [3]