金吾财讯 | 中信建投表示，本轮港股反弹，可以有两重理解：站在全球科技周期视角，可理解为全球科技浪潮从硬件瓶颈走向“应用变现”，市场自然反应；站在港股自身市场角度，可理解为港股重压迎来边际改善，市场尝试走出低谷，迎来反弹。AI硬件衰退之际，港股是否成为一个最优质资产？换言之，本轮港股是行情反弹还是趋势大反转？该机构认为，港股的确正从多重压力之下走出来，但能否走向一轮真正意义上的长牛、大牛，还需要跨过两个重要门槛——企业盈利改善和美元流动性松弛。前者决定牛市趋势，后者决定牛市的幅度和弹性。而在港股真正跨过盈利改善和美元流动性宽松这两大门槛之前，港股更接近于压力最大时期过去，超跌之后的估值修复。
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