Group 1 - The core viewpoint is that small-cap stocks in the A-share market often experience bull market trends, with the CSI 2000 index expected to show significant gains in 2025, primarily driven by incremental capital inflows from quantitative private equity [2] - In contrast, the Hong Kong stock market rarely sees similar bullish trends, indicating a difference in market dynamics between A-shares and Hong Kong stocks [3] Group 2 - Hong Kong investors tend to be more pragmatic, with stock index movements largely driven by company performance; stocks with low valuations but strong earnings tend to rise, while those with high valuations and poor earnings may face significant declines [4] - For instance, the Hong Kong Technology Index experienced a nearly 70% drop from 2021 to 2022 due to a combination of declining valuations and falling profits, illustrating the market's sensitivity to performance metrics [4] - By 2023, while the performance of Hong Kong tech stocks stabilized without further significant declines, the market remained lackluster, indicating a prolonged period of bottoming out for over a year [4]