CICC Securities Zhang Yidong: A-shares will likely show a pattern of slow bull market certainty in the second half of the year, with Hong Kong stocks likely to continue to hit new highs.

On July 18, Zhang Yidong, the global chief strategist analyst of CICC and joint dean of the Economic and Financial Research Institute, stated that the past decade has been a golden bull market for bonds, but the bond market may now turn into a "snail" market, with interest rates continuing to hover at low levels. In the future, whether it is the returns of money market funds or bond funds, they will not meet the asset allocation needs of social wealth. Since the reversal of A-shares since "924" last year, with a benign cycle, the vast social wealth will be allocated to the stock market, and "big money" will inevitably first allocate to value-type assets. Therefore, with the rising tide raising all boats, the second half of the year will see a slow bull market trend in A-shares. Zhang Yidong also expressed optimism about the trend of Hong Kong stocks in the second half of the year, believing that Hong Kong stocks will continue to perform well and are likely to continue to hit new highs, especially in the late third quarter to the fourth quarter.