Cathay Pacific Haitong published a research report stating that the general market adjustments have been sufficient during the year, and there are no expectations that are too low; however, strong rebound conditions will have to wait for timing and better opportunities. Cathay Pacific Haitong's strategy has indicated that market expectations are not too high since mid-September, and focused on the investment risks implied by the deterioration in the microstructure of Chinese technology stocks. At the end of October, we began focusing on major markets, and expectations were not too low, but local microstructural pressure still exists. Recently, the stock index fluctuated above 3,500 and stabilized, and the overall trend is in line with our judgment. At present, there is plenty of room for general market adjustments during the year, and the valuation levels of various indices are also in a historically low position. Furthermore, the central bank and the Securities Regulatory Commission are stepping up their efforts to stabilize the market. Repurchases and reloans after exchanging convenience will also drive the formation of stable market growth. Currently, the market is at the bottom. However, considering that the current market lacks a large level of growth narratives and investment stories, there is relatively limited room for liquidity growth at the end of the year, and there is still uncertainty about international relations and the Trump administration's political initiatives. Therefore, in the current environment of high expectations/high positions but increased uncertainty, a strong/sustainable rebound in the market still depends on subsequent substantial improvements. We still maintain that the time is approaching, and there will be better conditions at the end of the year and the beginning of the year.

Cathay Pacific Haitong published a research report stating that the general market adjustments have been sufficient during the year, and there are no expectations that are too low; however, strong rebound conditions will have to wait for timing and better opportunities. Cathay Pacific Haitong's strategy has indicated that market expectations are not too high since mid-September, and focused on the investment risks implied by the deterioration in the microstructure of Chinese technology stocks. At the end of October, we began focusing on major markets, and expectations were not too low, but local microstructural pressure still exists. Recently, the stock index fluctuated above 3,500 and stabilized, and the overall trend is in line with our judgment. At present, there is plenty of room for general market adjustments during the year, and the valuation levels of various indices are also in a historically low position. Furthermore, the central bank and the Securities Regulatory Commission are stepping up their efforts to stabilize the market. Repurchases and reloans after exchanging convenience will also drive the formation of stable market growth. Currently, the market is at the bottom. However, considering that the current market lacks a large level of growth narratives and investment stories, there is relatively limited room for liquidity growth at the end of the year, and there is still uncertainty about international relations and the Trump administration's political initiatives. Therefore, in the current environment of high expectations/high positions but increased uncertainty, a strong/sustainable rebound in the market still depends on subsequent substantial improvements. We still maintain that the time is approaching, and there will be better conditions at the end of the year and the beginning of the year.