市场投资焦点：“东升西落”是否具有持续性？

Investment Rating - The report suggests a positive outlook for the Hong Kong stock market, indicating that the market may sustain its performance in the short term despite a rise in price-to-earnings ratios [3][9]. Core Insights - The report highlights a trend of "East rising, West falling," where the Chinese market shows stability and recovery in economic indicators, while the U.S. market faces policy turbulence and economic uncertainty [3][9]. - It notes that China's economic growth in the first quarter has been better than expected, with strong industrial production and fixed asset investment, particularly in the automotive and home appliance sectors [3][9]. - The report emphasizes the shift of professional investors from Asia and China towards Chinese assets, reflecting a growing confidence in the Chinese market [3][9]. - It recommends investors focus on opportunities in the technology sector and the ongoing IPO process in Hong Kong, as well as the positive impact of capital inflows from mainland China [3][9]. Summary by Sections Market Overview - The report discusses the performance of major stock indices, with the Hang Seng Index closing at 24,146, up 0.77% year-to-date [2]. - It notes that the Hang Seng Tech Index has underperformed slightly, down 0.14% [2]. Economic Indicators - The report mentions that China's economic indicators are stabilizing, with a notable recovery in consumer confidence and spending, although challenges remain [3][9]. - It highlights the importance of upcoming political meetings in July for assessing policy and consumption trends [3][9]. Sector Focus - The report suggests that investors should pay attention to the technology sector and the potential for high-low rotation in investments [3][9]. - It also points out the positive performance of consumer stocks following the implementation of consumption stimulus measures [9].