金吾财讯 | 港股早盘低开高走，恒指半日升0.56%，国企指数升1.01%，恒生科技指数升1.68%。中芯国际(00981)涨9.07%，阿里健康(00241)涨4.74%，理想汽车(02015)涨4.51%，信义光能(00968)涨4.43%，吉利汽车(00175)涨4.29%。跌幅方面，携程集团(09961)跌4.91%，创科实业(00669)跌4.59%，申洲国际(02313)跌3.98%。盘面上看，半导体、贵金属、黄金珠宝等板块涨幅居前；猪肉概念、农业、白酒等板块受压。中泰国际认为港股未来一段时间仍然非常波动，市场焦点将从全球关税战或逐渐转移在中美地缘政治的角力，推升港股短期的风险溢价，外资对港股或维持较低风险偏好一段时间。该行不期望指数层面有重大的上行突破，建议采取"攻守兼备"策略：1）仍看好央国企高股息资产（石油、电讯、公用事业）对冲估值收缩压力；2）布局财政发力方向（工程机械、交运设备）；3）把握科技突围主线（半导体设备、机器人、AI算力基建）。短期继续密切关注4月中美经贸团队谈判进展，若双方持续强硬，需警惕市场对二季度企业盈利预期的集中下修风险。
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