倒数第二次恋爱

华泰证券港股策略：金融和AH溢价仍有改善空间_我的网站

A |     Japan's Defense Ministry released "Defense of Japan 2026," a white paper that once again lays bare its dangerous neo-militarist agenda.    Cloaked in the rhetoric of "peace" and "defense," the document seeks to conceal Japan's sinister agenda of expanding military capabilities and breaking away from its long-standing "exclusively defense-oriented policy."    The new white paper paints a glossy "vision of security" with anime-style imagery, futuristic cities and happy families.    But beneath the bright facade lies a darker reality: militarist ambitions, wartime flames and cities reduced to ruins. Youth who once symbolized peace and hope are replaced by terrified civilians fleeing alongside skeletons in military uniforms. The stark contrast exposes the irony: war dressed up as a fairytale, militarism packaged as the future.                    。    华泰证券研报称，市场对港股中期走势受基本面影响的程度分歧不大，关键变量在全球流动性环境。华泰证券认为，美元因公信力挑战转弱、人民币升值强化，有助于港股AH溢价再度收窄及香港金融资产重估。但对总体市场而言，本轮弱美元所处背景并非去年全球金融条件宽松和risk-on环境，流动性环境偏紧方向并未改变。

B | 海外10年美债利率大概率高位震荡，日元再度外汇干预或加息都有可能发生，8月央行年会是关注重点。

C | 香港在海外提短端控长端思路及港元汇率偏弱的情况下，HIBOR有可能进一步上行。因流动性难有增量支持，财报季尚未被充分定价，盈利兑现度更为重要。配置上维持均衡：低波红利（如银行）为底仓；关注中报或确认经营底部的乳品、部分零售；AI链（如晶圆代工）定位进攻品种、小仓位参与超跌反弹；CXO和创新药龙头兑现度高但短期性价比下降，行情斜率或放缓。

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Published on:13:34:50