智通财经网·2025-07-22 01:36Group 1 - The Hong Kong stock market is experiencing a bullish trend, supported by national empowerment, the enhancement of its international financial center status, and an influx of incremental capital, with expectations for continued strength in the second half of the year [1] - The market is anticipated to remain volatile in the third quarter, but pressure factors are expected to be lower than anticipated, potentially leading to an earlier market rally [1] - The long-term macro factors supporting the Hong Kong stock market's liquidity have not changed, although there may be marginal tightening pressures in the third quarter due to various factors [1] Group 2 - The Hong Kong stock market is currently at a relatively low absolute valuation level, with historical valuation percentiles in the upper middle range [2] - The market has shown strong performance in the first half of the year, driven by a resonance between fundamentals and capital flows, with both domestic and foreign investors forming a bullish consensus on Chinese assets [2] - There is a positive sentiment in the Hong Kong stock market, with continuous inflows of southbound capital and no significant outflows observed so far this year [2]