Mainland and HK Market Overview

A-shares staged a "Monday sell-off, four-day recovery" pattern, shifting capital from defensive high-dividend stocks to sci-tech growth and resource price plays, market remains in an oversold structural repair rather than a comprehensive reversal.

Hong Kong equities experienced range-bound volatility as the Hang Seng Index dropped 0.84% while the Hang Seng TECH Index rose 0.60%. Capital migrated internally toward earnings-backed healthcare/CXO, order-backed PCB/memory, and AI large-model applications.

US & Global Markets

Weakening labor indicators—including declining JOLTS job openings, underperforming ADP growth, and a nonfarm payroll contraction of 23,000—created a "triple blow" that eroded confidence in Fed rate hikes.

After enduring a 25% year-to-date correction, real yield suppression on gold is nearing its limit, meaning flatlining yields and a stable dollar are sufficient to support price recovery; however, upcoming CPI data remains a vital test against inflation risks.