【华泰证券：港股或迎来短期反弹机会】上周港股走势依然由海外利率预期主导。在极致的单边悲观演绎后，周五美国非农远低于市场预期叠加失业率上行，10月市场加息预期大幅走低，后续市场可能在南向通道10/8恢复、十一出行高频数据填补基本面真空的背景下迎来短期修复。但需注意的是，“更高更久”的利率中枢未动摇，宏观政策与企业盈利的趋势性拐点暂未确认，因此中期转机或尚未出现，我们建议以结构应对、攻守平衡，而非追逐贝塔。配置上，油价与美债收益率仍是约束港股估值修复空间的主要矛盾，红利继续做底仓，主要配置铁路公路、港口等运营性资产。创新药及CXO龙头景气占优且中美共振，可继续持有，重点在选股与止盈时机；海外科技硬件情绪回暖但集中于少数有强催化的巨头，港股以国产链为主，趋势性做多窗口仍需等待。
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