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@小虎周报：港股周策略：关于流动性风险、输入型通胀压力

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<p>比如，宏观面上下半年压制港股反弹的因素就包括海外流动性收紧的风险，以及国内输入型通胀压力。前者主要受美国就业修复进度影响，操作不慎容易带来偏系统性利空，后者则考验国内对海外输入型通胀的防御能力，不过由于通胀并非全产业链的通胀，更多属于非系统性利空范畴。</p> <p>我们注意到8月初，像钢铁品类再度取消部分品类退税，也是在一定程度上阻隔了通胀链条的传导。货币政策进退有序（逆周期调节）,本身也是为对抗通胀而服务。<a target=\"_blank\" href=\"https://laohu8.com/S/HSCEI\">$国企指数(HSCEI)$</a> <a target=\"_blank\" href=\"https://laohu8.com/S/HSCCI\">$红筹指数(HSCCI)$</a><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/89cc04ea6eb7780316ecde44fecb37dd\" tg-width=\"1065\" tg-height=\"612\">技术性角度，从偏长期窗口来看，恒指在季度窗口，仍然处于技术性调整路径途中；且恒指指标股大部分来自于非互联网领域，这些指标股仍受十四五政策支撑，我们认为中期并不悲观。但这一偏长窗口的修正用时可能需要更多耐心观察。<img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/f7ede8f331bc575b87ef6e85a2f522ad\" tg-width=\"1050\" tg-height=\"642\"><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/83fe0dac0c9e9632018dd5081948b2ac\" tg-width=\"1061\" tg-height=\"651\"></p></body></html>","htmlText":"<html><head></head><body><p>港股上周进入修复盘整模式，<a target=\"_blank\" 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