Mainland and HK Market Overview

Experienced a sharp pullback driven by global AI hardware valuation concerns and tapering southbound liquidity. Capital rotated heavily from crowded high-growth tech into defensive high-dividend stocks and gold.

US Economy & Financial Markets

Elevated real yields (~2.3%) and momentum profit-taking have pressured equities. However, cooling growth and fading inflation drivers are expected to ease yield pressures under Fed Chair Warsh. Investors are advised to rebalance towards active/equal-weight stock exposures and extend fixed-income duration as 10-year (>4.5%) and 30-year (>5%) Treasuries reach attractive entry levels.

Global Markets

Asian capital selectively concentrates in Japan and South Korea due to high-tech export models and corporate governance reforms, whereas regional internal-demand markets (e.g., India, Indonesia) lag due to policy uncertainty.