People involved in Huaan Fund believe that the dividend effect of Hong Kong stocks was strong at the end of the year and the beginning of the year. Perhaps the core reason is that for some institutional capital seeking relative returns, the end of the year is a critical window period for asset rebalancing. In order to lock in current year's earnings, some institutions may sell growth stocks with high short-term valuations and high fluctuations, and switch to the Hong Kong stock dividend sector with high dividends and a high margin of safety in the short term. Typical ones are the blue-chip white horse in 2016-2017, the bullish NEV market in 2021, and the rapid rise in TMT after policy relaxation in October 2022. They all experienced strong sector adjustments in the early stages from the end of the year to the beginning of the following year, and the market style shifted to the Hong Kong stock dividend sector in the short term.

People involved in Huaan Fund believe that the dividend effect of Hong Kong stocks was strong at the end of the year and the beginning of the year. Perhaps the core reason is that for some institutional capital seeking relative returns, the end of the year is a critical window period for asset rebalancing. In order to lock in current year's earnings, some institutions may sell growth stocks with high short-term valuations and high fluctuations, and switch to the Hong Kong stock dividend sector with high dividends and a high margin of safety in the short term. Typical ones are the blue-chip white horse in 2016-2017, the bullish NEV market in 2021, and the rapid rise in TMT after policy relaxation in October 2022. They all experienced strong sector adjustments in the early stages from the end of the year to the beginning of the following year, and the market style shifted to the Hong Kong stock dividend sector in the short term.