金吾财讯 | 交银国际研报指，短期利好落地后，资金在当前位置出现分歧，港股高位回调。上周初港股在两厅印发的《提振消费专项行动方案》的政策利好带动下上攻，恒指一度逼近25000点高位。随着短期乐观情绪逐步消化，且主要龙头公司业绩公布后，港股回吐部分涨幅。该行指，海外风险再定价，风险偏好料继续回落，市场情绪预计维持谨慎。过去一个阶段，市场受乐观情绪驱动，对海外风险定价有所不足。随着近期利好落地后，市场对海外风险的关注度预计将逐渐提升。4月2号，美国对等关税调查结果即将出炉，是否会有新一波的关税仍有不确定性。若短期海外影响有进一步催化，港股或有望阶段性企稳。该行续指，基本面数据持续验证中，4月中央政治局会议或为重要政策新节点。1Q25“开门红”效应下，内地生产、投资端数据表现强劲。进入4月，后续消费、地产等各项基本面的增长数据、以及关税等外部影响将成为市场关注重点，也是4月底中央政治局会议会否释放更进一步政策刺激信号的关键。
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