The Cathay Pacific Haitong Securities Research Report said that in summary, the historical trend of financial stocks after a sharp rise depends on the sustainability of the driving factors. The past few financial surges were usually driven by liquidity, fundamentals, or policy events, but there is a big difference in the market trend after the surge: if the driving factors are persistent, the market may evolve into an overall bull market. For example, at the end of 2014, the market became leveraged when macro-micro liquidity was abundant. If the fundamental recovery is strong, the market can often continue its upward trend. If the driving factors are weak and market fundamentals are poor, financial stocks tend to follow the market decline, such as the end of 2015 and the end of 2018.

The Cathay Pacific Haitong Securities Research Report said that in summary, the historical trend of financial stocks after a sharp rise depends on the sustainability of the driving factors. The past few financial surges were usually driven by liquidity, fundamentals, or policy events, but there is a big difference in the market trend after the surge: if the driving factors are persistent, the market may evolve into an overall bull market. For example, at the end of 2014, the market became leveraged when macro-micro liquidity was abundant. If the fundamental recovery is strong, the market can often continue its upward trend. If the driving factors are weak and market fundamentals are poor, financial stocks tend to follow the market decline, such as the end of 2015 and the end of 2018.