CICC believes that in the first half of the year, the Hong Kong stock market significantly outperformed A-shares and had the highest global performance, showing resilience. However, the problem is that the rebound showed a “pulse-like surge and retreat”, and the rise was highly concentrated. Recently, the market once again showed fatigue. In the second half of the year, the Hong Kong stock market will face a “capital boom” of excess liquidity and a “shortage of assets” with limited returns. The overall index is expected to remain range-bound, and the structural market remains the main line.

CICC believes that in the first half of the year, the Hong Kong stock market significantly outperformed A-shares and had the highest global performance, showing resilience. However, the problem is that the rebound showed a “pulse-like surge and retreat”, and the rise was highly concentrated. Recently, the market once again showed fatigue. In the second half of the year, the Hong Kong stock market will face a “capital boom” of excess liquidity and a “shortage of assets” with limited returns. The overall index is expected to remain range-bound, and the structural market remains the main line.