Group 1 - The core viewpoint is that the A-share market has entered a cross-year rally, driven by positive signals from the recent eight consecutive days of gains in the Shanghai Composite Index and optimistic expectations from institutional investors [1][2] - Citic Securities highlights that the recent market adjustments have completed, and the overall market represented by the Wind All A Index has broken through moving averages, indicating a potential new high [1] - Dongguan Securities notes that the offshore RMB has recently surpassed the 7.0 mark against the US dollar for the first time since September 2024, which is expected to have a positive impact on the A-share market [2] Group 2 - The market is expected to experience a "spring surge" as liquidity remains reasonably ample and economic data supports corporate profit recovery [2] - The recent release of the 15th Five-Year Plan and other policy events has heightened investor expectations, contributing to the market's upward momentum [1] - The combination of a slow bull market expectation and the anticipated "spring surge" suggests that a new round of upward movement in the index is likely to commence soon [1]

Core Insights - The Hong Kong Securities ETF (513090) has risen by 2.1%, leading the market in terms of growth and achieving the highest trading volume among equity ETFs [1] - Hong Kong Exchanges and Clearing Limited (HKEX), the third-largest weighted stock in the Hong Kong Securities ETF with an 11.8% weight, reported better-than-expected Q3 earnings, with revenue and net profit for the first three quarters reaching HKD 21.851 billion and HKD 13.419 billion, respectively, representing year-on-year increases of 37% and 45% [1] - The valuation of the Hong Kong securities sector is lower compared to A-shares, with the Hong Kong Securities Index PB (LF) at 1.00 as of November 5, indicating potential for valuation uplift due to improving overseas liquidity [1] - The Hong Kong Securities ETF (513090) is the only ETF that invests in the Hong Kong Securities Index, with a latest scale of HKD 32.7 billion and ample liquidity, averaging daily trading volume of HKD 18 billion over the past month [1]