Guosen Securities: The temporary rebound of the US dollar index is weak, continue to be optimistic about the spring market of Hong Kong stocks.

Guotai Junan Securities released a research report stating that the increase in US stocks in January was significantly smaller than that of emerging markets. They view the rebound in the US dollar index as temporary, and continue to believe that emerging markets offer greater opportunities in the first half of the year. However, there are two risks that need to be monitored: one is a significant increase in crude oil prices due to geopolitical conflicts, and the other is a continued sharp rise in long-term bond yields. The rebound of the US dollar index and the rise in US bond yields will have a negative impact on the funding situation of Hong Kong stocks to some extent. However, with the continued appreciation of the renminbi, stable and robust earnings of Hong Kong stocks, and the belief that the rebound of the US dollar index is not sustainable, they still have a positive outlook on the future trend of Hong Kong stocks. In terms of sectors, they recommend focusing on AI, PPI-related raw materials, and industrial sectors.