--- title: "Hong Kong Stock Review: Repricing" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/277610970.md" description: "The Hong Kong stock market has undergone repricing, with rising risk aversion leading to a general decline in global stock markets. Oil and gas-related stocks have performed steadily, with market expectations that the U.S. will control oil prices. The rebound of the U.S. dollar has resulted in poor performance for gold, while silver prices continue to decline. There is a clear divergence between domestic and foreign capital in the shipping sector, with domestic investors valuing the exclusive transportation rights of Chinese shipowners. Overall, the stability of oil and shipping prices will influence market expectations regarding interest rates and costs, and a structural bull market is expected to be maintained. The halt of AI large models has drawn attention, highlighting the importance of AI" datetime: "2026-03-03T11:20:36.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277610970.md) - [en](https://longbridge.com/en/news/277610970.md) - [zh-HK](https://longbridge.com/zh-HK/news/277610970.md) --- > 支持的语言: [English](https://longbridge.com/en/news/277610970.md) | [繁體中文](https://longbridge.com/zh-HK/news/277610970.md) # Hong Kong Stock Review: Repricing Yesterday, the market was still pricing in that it would not evolve into a long-term event, but today, the risk-averse sentiment among funds has clearly increased, leading to a global decline, while Hong Kong stocks, except for those related to oil, have almost all collapsed. From the perspective of various commodities, it seems that only the oil and gas logic is stable, but with oil prices continuing to rise, global stock markets will only be in a worse situation. Historically, geopolitical conflicts have led to disruptions in the global energy supply chain and caused macroeconomic stagflation, which is the most damaging to the stock market. Currently, it depends on how long the strait will be blocked, but no one can say for sure. Oil service stocks continue to surge, as the market bets that the U.S. will control oil to bring down oil prices, during which various oil companies will increase capital expenditures to build mines. However, this may cause the dollar's status to revert to a relatively strong position, weakening the logic of gold. As we can see, with the rebound of the dollar, gold, as a traditional safe-haven asset, has not shown any remarkable performance recently, but this is also based on the previous excessive increase, with the most important support for gold becoming the long-term narrative of de-dollarization. For many commodities, this event has turned into a complete positive, especially with silver continuously plummeting, reflecting that both bulls and bears have certain precautions. On the optimistic side, the importance of resources is becoming increasingly prominent, and those with tight supply are still expected to see higher prices. Among them, although copper demand is not ideal, it is positioned as an important strategic resource, and its price resilience may also be strong. Additionally, the shipping sector seems to have significant discrepancies between domestic and foreign capital. Domestic investors are more excited, perhaps placing greater importance on Chinese shipowners having exclusive transportation rights, which has become a profit moat, while foreign investors are more concerned about the sustainability of the blockade, with little increase in U.S. stock VLCCs. Considering the strait's critical importance to global energy supply, it is believed that a complete blockade will not last too long, but subsequent factors such as compliance and Korean Changjin may continue to affect the outlook. Regardless, as long as oil prices and shipping rates do not continue to rise, the impact on market interest rates and cost expectations will likely not disrupt the previous structural bull market. It is worth noting that since yesterday, mainstream AI large models have been continuously suspended, with one part of the speculation being due to a surge in usage, and another part speculating that a core data center of Amazon located in the UAE has been damaged. 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