光大证券伍礼贤：市场关注中美元首会面料恒指年内仍有望刷新高位

智通财经

Oct 27, 2025

智通财经APP获悉，市场正观望中美贸易谈判，以及本周中美元首会面发展。光大证券国际策略师伍礼贤指，两国元首会面结果对后市影响颇为明显。预期恒指在25200点水平有较大支持，如持续有好消息传出，指数甚至有望再刷新今年高位。

伍礼贤指出，相关事件现时正限制大市走向，市场因此变得观望，拖累近期成交低迷，料谈判结果出台后，市场会有明确方向并确立趋势，成为11月港股走势关键。

他又估计，在基本情境下，双方会达成某程度上的协议，但中美之间一下子解决所有问题还需要时间，预期恒指在25200点水平有较大支持，如持续有好消息传出，指数有望再刷新今年高位。

他表示，美国4月时尝试大幅加征关税，最终影响美元资产走向，当时美联储仍未减息，现时却处于连续减息阶段，故预期当局不会再贸然加关税推升本土通胀。

美联储本周亦会举行议息会议，但伍礼贤指，市场已大致反映减息因素，虽然投资者憧憬香港本周也有机会跟随美国减息，但对港股帮助未必太多，恒指走势最终仍取决于中美谈判进展，短线指数和成交不有会太大波动。

板块方面，他建议现时可吸纳高息股，首选业务具增长前景的中资电信股、以及获北水持续关注的石油股。如投资者希望追逐科技股，他认为可等待中美谈判结果出台后才吸纳。

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