Core Viewpoint - The recent decline in U.S. tech stocks has created a buying opportunity for investors, according to JPMorgan's market intel team [1][2]. Group 1: Market Conditions - Investors should closely monitor two key variables that could reverse bullish sentiment: potential "stagflation signals" from upcoming weak PMI data and worsening unemployment figures, as well as hawkish comments from Fed Chair Powell at the Jackson Hole meeting [2][15]. - The upcoming Nvidia earnings report is seen as a critical catalyst that could reignite interest in AI investments [3][16]. - The recent sell-off in tech stocks is primarily driven by a wave of selling in large-cap tech and AI stocks, attributed to high valuations, crowded positions, and risk-off behavior ahead of Nvidia's earnings [8]. Group 2: Technical Analysis - The momentum factor has retraced approximately 7%, which is within the historical normal range compared to past retracements averaging 8.3% [8]. - The S&P 500 index experienced its most severe single-day drop in nearly three weeks, while the Nasdaq is heading towards its largest two-day decline since April [5]. Group 3: Jackson Hole Meeting - The upcoming Jackson Hole global central bank meeting is not expected to yield significant new information, leading to a lack of high expectations from the market [9][11]. - The meeting will take place on August 21, with Powell's speech scheduled for August 22 [10]. Group 4: Investment Strategy - JPMorgan suggests viewing the recent market pullback as a buying opportunity, contingent on the absence of stagflation evidence [14][15]. - A strong earnings report from Nvidia could potentially reignite market enthusiasm for AI themes, leading to a rebound in tech stocks and the overall market [16].

Market Overview - The Hong Kong stock market showed mixed results with the Hang Seng Index down by 1.07% to 24,906.39 points, while the Hang Seng Tech Index increased by 0.34% and the National Enterprises Index fell by 1.03% [2] Key Stock Movements - Kuaishou saw a significant increase of nearly 9%, while Bilibili rose over 2%. Conversely, Meituan and Xiaomi both dropped over 2%, and JD.com also experienced a decline [2] - AI-related stocks performed well, with Meitu rising over 15%. Oriental Securities expressed optimism about user growth and commercialization of vertical AI products in the second half of the year, particularly for companies with overseas AI applications [2] - Biopharmaceutical B-shares were active, with Lepu Biopharma increasing over 4%. The National Healthcare Security Administration discussed support for innovative drug development with Singapore's GIC [3][4] Gold and Real Estate Sector Performance - Gold stocks continued to decline, with Tongguan Gold dropping over 8%. Recent trends indicate a shift in investor sentiment away from gold towards stocks, as gold prices fell below $3,270 per ounce [4][5] - The real estate sector faced significant declines, with Country Garden falling over 6%. A recent meeting of the Central Political Bureau highlighted limited focus on real estate, emphasizing the need for high-quality urban renewal [6][7]