Investment Rating - The report maintains a "Positive" outlook on the Hong Kong stock market [4] Core Insights - The report highlights the expected return of Chinese concept stocks and the impact of the "A+H model" on maintaining high Average Daily Turnover (ADT) in the Hong Kong market [4] - It notes that as of May 2025, the total market capitalization of the Hong Kong stock market reached HKD 40.93 trillion, reflecting a 5.4% month-over-month increase and a 24% year-over-year increase [4] - The report emphasizes the significant inflow of southbound funds and the recovery of the IPO market, with 10 new IPOs raising HKD 558 million in May 2025 [4] Summary by Sections Chinese Concept Stock Return - Since 2018, 33 Chinese concept stocks have returned to the Hong Kong market, contributing 14% to the total market capitalization and approximately 12% to the ADT [4] - The report identifies 26 potential Chinese concept stocks that could return, estimating an ADT increase of HKD 72 to 96 billion based on their previous performance in the US market [4][5] Market Overview - The report states that the Hong Kong market's ADT has consistently exceeded HKD 2 trillion for four consecutive months, with May 2025's ADT recorded at HKD 2,103 billion, a 23% decrease month-over-month [4][19] - The turnover rate for the Hong Kong market in 2025 year-to-date is 0.59%, compared to 0.37% in 2024 [4] Investment Analysis - The report recommends focusing on the investment value of the Hong Kong Stock Exchange and Hong Kong brokers, as the active secondary market and IPO market directly benefit their business [4] - Specific recommendations include companies like CICC H, GF Securities H, CITIC Securities H, and Guotai Junan H [4]