According to the Huatai Securities Research Report, there is little disagreement in the market on the extent to which the mid-term trend of Hong Kong stocks is affected by fundamentals; the key variable is the global liquidity environment. Huatai Securities believes that the weakening of the US dollar due to credibility challenges and the strengthening of the appreciation of the RMB will help the AH premium of Hong Kong stocks to narrow again and revalue Hong Kong's financial assets. However, as far as the overall market is concerned, the background of this round of weak US dollars is not due to the easing of global financial conditions and the risk-on environment last year, and the direction of the tight liquidity environment has not changed. Interest rates on 10-year overseas US bonds are likely to fluctuate at a high level, and another foreign exchange intervention or interest rate hike by the yen may occur. The August central bank's annual meeting is the focus of attention. HIBOR is likely to rise further in the face of Hong Kong's short-term and long-term control ideas overseas and when the Hong Kong dollar exchange rate is weak. Since liquidity is difficult to support incrementally, the earnings season has not yet been fully priced, and profit cashout is even more important. Balance is maintained in terms of allocation: low-wave dividends are bottom positions; focus on mid-term reports or confirm the bottom of business, some retail sales; AI chains target offensive varieties and small positions participate in overfall and rebound; CXO and innovative drug leaders have achieved high levels of cash but short-term cost performance has declined, and the market slope or slowdown.

According to the Huatai Securities Research Report, there is little disagreement in the market on the extent to which the mid-term trend of Hong Kong stocks is affected by fundamentals; the key variable is the global liquidity environment. Huatai Securities believes that the weakening of the US dollar due to credibility challenges and the strengthening of the appreciation of the RMB will help the AH premium of Hong Kong stocks to narrow again and revalue Hong Kong's financial assets. However, as far as the overall market is concerned, the background of this round of weak US dollars is not due to the easing of global financial conditions and the risk-on environment last year, and the direction of the tight liquidity environment has not changed. Interest rates on 10-year overseas US bonds are likely to fluctuate at a high level, and another foreign exchange intervention or interest rate hike by the yen may occur. The August central bank's annual meeting is the focus of attention. HIBOR is likely to rise further in the face of Hong Kong's short-term and long-term control ideas overseas and when the Hong Kong dollar exchange rate is weak. Since liquidity is difficult to support incrementally, the earnings season has not yet been fully priced, and profit cashout is even more important. Balance is maintained in terms of allocation: low-wave dividends are bottom positions; focus on mid-term reports or confirm the bottom of business, some retail sales; AI chains target offensive varieties and small positions participate in overfall and rebound; CXO and innovative drug leaders have achieved high levels of cash but short-term cost performance has declined, and the market slope or slowdown.