CITIC Securities: Short-term Hong Kong stocks have sufficient upward momentum for a bullish trend to continue upwards in a volatile manner.

Guosen Securities released a research report stating that in the medium and long term, they are firmly bullish on Hong Kong stocks. In the short term, Hong Kong stocks have sufficient momentum for a rebound, which will come from the potential revaluation of the Hang Seng TECH Index and the allocation demand from global funds, leading to a continued upward trend in a slow bull market. In terms of allocation recommendations, they suggest focusing on the technology sector, where internet stocks have high cost-effectiveness. The firm still maintains a strategic bullish view on the innovative pharmaceutical sector, with continued mid-term prosperity and September being a good opportunity for positioning. In the new consumption sector, it is important to patiently seek out alpha opportunities, as performance is key and the mid-year report is the litmus test. Expectations for a long bull market in the Chinese stock market are deepening as both A-shares and Hong Kong stocks strengthen. The key to the bull market logic lies in following the path of Chinese financial development, where positive feedback is formed between the Chinese stock market, the Chinese economy, and policy expectations, in line with the strategic window of opportunity presented by China's high-quality economic development and modernization.