Group 1 - The core viewpoint of the report indicates that since the end of June, the A-share market has outperformed the Hong Kong stock market, with the index breaking through the 924 high point and trading volume exceeding 30 trillion [1] - There has been a shift in market sentiment, with expectations of a comprehensive bull market in A-shares, particularly in sectors like AI, while interest in Hong Kong stocks has been relatively low [1] - However, entering September, the A-share market has entered a consolidation phase with increasing volatility, while external and internal funds are showing heightened interest in Hong Kong stocks [1] Group 2 - The report suggests that the advantages of the Hong Kong stock market over A-shares are becoming more pronounced, with a bullish outlook for the overall Hong Kong market [1] - The current long-term bull market in Hong Kong stocks, established in the fourth quarter of last year, is believed to be in its mid-stage [1] - Key factors supporting this outlook include: 1) The liquidity cycle is approximately at its mid-point, with overall easing expected in the next 1-2 years [1] 2) The valuation cycle shows that after three years of bear market, valuations are low and have been recovering for over a year, now reaching the upper-middle range [1] 3) The earnings cycle has just begun to recover from the bottom, with the main recovery concentrated in structurally favorable sectors [1]