未知机构：光大宏观假期海外地缘局势动荡全球权益市场多数上涨港股能源半导体软件表-20260224

Summary of Key Points Industry Overview - The report discusses the global equity markets, highlighting that most markets experienced an increase despite geopolitical tensions during the holiday period. The Hong Kong stock market showed strong performance in sectors such as energy, semiconductors, and software [1][2]. Core Insights and Arguments - There is a notable divergence in commodity prices, with gold, silver, and oil all rising. However, the strengthening of the US dollar has put pressure on the Hong Kong stock market [1][2]. - The appreciation of the Chinese yuan and the visit of former President Trump to China have contributed to an overall increase in risk appetite in the equity markets following the holiday [1][2]. Additional Important Content - The strong inflation and economic data from the US are creating challenges for interest rate cut expectations, leading to volatility in short-term interest rate trading [2].