中信证券港股策略：关税加征边际影响减弱，关注红利资产

Core Viewpoint - The report from CITIC Securities highlights the impact of tariff policies under Trump's administration on the Hong Kong stock market, emphasizing the need to assess the macroeconomic implications of these policies [1] Group 1: Impact of Tariff Policies - The implementation of tariffs during the first round of US-China trade tensions significantly affected the performance of Hong Kong stocks, leading to notable adjustments in earnings expectations and actual earnings falling short [1] - The proportion of revenue from US and overseas sources for Hong Kong stocks has decreased compared to previous levels, suggesting that the impact of tariff increases may be diminishing [1] Group 2: Sectoral Risks and Opportunities - Despite the historical impact of trade tensions, attention should be paid to potential risks in cyclical, technology, and consumer sectors, while telecommunications, as a dividend asset, has a lower exposure to potential sanction risks [1] - Based on the anticipated policy trajectory under Trump 2.0, with high inflation, potential tariffs, and expectations of RMB depreciation, it is recommended to focus on sectors such as non-ferrous metals and tourism that may benefit, as well as the telecommunications industry, which has minimal risk exposure, reasonable valuations, and stable earnings outlooks [1]