Core Viewpoint - The article discusses the recent performance of A-shares and Hong Kong stocks, highlighting the cyclical nature of market trends, particularly in technology and growth sectors, and the importance of understanding valuation metrics for dividend indices [2][3][6]. Group 1: Market Performance - The major indices, including the Shanghai Composite and Shenzhen 300, have shown mixed results, with large-cap stocks declining while small-cap indices have slightly increased [2]. - The Hong Kong stock market has been experiencing a downturn, with significant volatility in technology and healthcare indices [2]. - Since May 2024, the Hang Seng Technology Index has increased by 71%, with three distinct waves of growth followed by corrections [2][6]. Group 2: A-shares and Hong Kong Stocks - A-shares have also exhibited similar patterns of short-term surges followed by corrections, often characterized by a "three up, one down" or "three up, two down" trend [2][6]. - The growth in A-shares and Hong Kong stocks is often accompanied by substantial fluctuations, particularly in technology stocks, which tend to be more volatile than the broader market [6]. Group 3: Earnings and Valuation - The performance of technology indices is closely linked to the earnings growth of the underlying companies, with significant increases in earnings leading to corresponding rises in index values [6]. - Recent earnings growth for Hong Kong technology stocks has been robust, with some companies reporting a doubling of profits year-on-year, which has driven index performance [6]. - However, there are concerns about a slowdown in earnings growth for both A-shares and Hong Kong stocks, particularly in the technology sector, which may impact future index performance [6]. Group 4: Investment Strategies - The article emphasizes the importance of maintaining a balanced investment approach, combining growth-oriented technology stocks with value-oriented dividend stocks to stabilize overall portfolio performance [8][10]. - The article also provides a valuation table for various dividend indices, highlighting their earnings yields, price-to-earnings ratios, and other key metrics for investor reference [11][12].

Core Viewpoint - The movement of deposits, referred to as "moving house," is a choice made by the resident sector based on a comprehensive consideration of the risk, return, and liquidity of various financial assets [1][6]. Group 1: Deposit Movement and Financial Asset Allocation - A significant amount of resident wealth, formed through bank time deposits, will mature in 2026, leading to potential "moving house" of deposits to purchase stocks, bonds, funds, and insurance due to low deposit rates and an active capital market [2][7]. - The financial assets of the Chinese resident sector include cash and deposits (50.2%), bonds (8.8%), stocks and equity (19.5%), securities investment funds (11.7%), and insurance (9.8%) as of the end of 2022 [2][7]. - The choice of whether to "move" deposits is fundamentally about whether to continue holding deposits or to switch to other major financial assets like bonds and insurance [2][7]. Group 2: International Comparisons and Trends - Research has often referenced international experiences, suggesting that by 2024, the U.S. financial asset structure will show a significant reduction in bank deposits, with a notable increase in stocks and investment funds [3][8]. - However, countries like the UK, Japan, South Korea, and Germany maintain a cash and deposit holding ratio above 30%, indicating that the U.S. model may be an exception rather than a trend applicable to China [3][8]. Group 3: Demographic and Economic Influences - An important factor influencing the financial asset choices of Chinese residents is the aging population, which tends to increase the proportion of risk-free assets in their portfolios [4][9]. - The lifecycle investment theory suggests that older individuals prefer more risk-averse investments, leading to a higher allocation in cash and deposits as they age [4][9]. - Low interest rates encourage residents to seek returns through various channels, but whether they will directly invest in stocks or indirectly through funds and insurance remains uncertain [4][9][10]. Group 4: Market Performance and Investment Behavior - International experience indicates a correlation between the proportion of residents holding stock assets and the long-term performance of the stock market [5][10]. - From 2013 to 2024, residents in the U.S., Japan, and Germany have consistently increased their holdings in stocks and funds, while the UK and South Korea have not shown similar trends [5][10]. - The stability of the Chinese stock market and the increase in residents' holdings of stocks and equity financial assets are interrelated issues that need to be addressed for sustainable market growth [5][10].

Group 1 - The company has approved the use of up to RMB 2.8 billion of idle raised funds and up to RMB 2 billion of idle self-owned funds for cash management, focusing on safe and liquid principal-protected financial products [2] - The cash management authorization is valid from the date of approval at the 2024 annual shareholders' meeting until the 2025 annual shareholders' meeting [2] - The supervisory board and the sponsor, CITIC Securities Co., Ltd., have expressed their agreement on this cash management plan [2] Group 2 - On November 17, 2025, the company purchased RMB 600 million in fixed-term deposits from China Merchants Bank [3] - The company also invested in various financial products, including RMB 300 million in "Call Option 906" from CITIC Securities, RMB 220 million in "Galaxy Jinshan" from China Galaxy Securities, and RMB 180 million in "Step-Up Interest 4205" from CITIC Securities [3] - As of the announcement date, the company has redeemed these investments, recovering a total principal of RMB 1.3 billion and earning RMB 4.6461 million in interest, all of which has been returned to the fundraising account [3] Group 3 - As of the announcement date, the company has RMB 430 million of temporarily idle raised funds still under cash management [4] - The highest daily balance and the duration of the cash management have not exceeded the limits authorized by the board and the shareholders' meeting [4] - There are no overdue amounts for the financial products purchased with idle raised funds [4]

Core Viewpoint - The article discusses the potential "migration" of bank deposits as a significant portion of household wealth matures in 2026, influenced by low deposit rates and an increasingly active capital market [1][7]. Group 1: Financial Asset Structure - As of the end of 2022, the financial assets of Chinese households were composed of cash and deposits (50.2%), bonds (8.8%), stocks and equity (19.5%), securities investment funds (11.7%), and insurance (9.8%) [2][8]. - The choice of whether to "migrate" deposits is fundamentally about the selection of financial assets based on risk, return, and liquidity considerations [2][8]. Group 2: International Comparisons - Research indicates that by 2024, the financial asset structure of U.S. households will be significantly different, with cash and deposits at 11.2%, bonds at 4.5%, stocks and investment funds at 55.3%, and insurance and pensions at 27.8% [3][9]. - The comparison with developed countries shows that cash and deposits in countries like the UK, Japan, and Germany remain above 30%, suggesting that the U.S. model may not be applicable to China [3][9]. Group 3: Demographic and Economic Influences - Aging population trends in China are expected to increase the preference for low-risk assets, as older individuals tend to favor safer investments [4][10]. - Low interest rates are prompting households to seek higher returns, but the method of achieving this—whether through direct stock investments or indirect methods like insurance and funds—remains uncertain [4][10][11]. Group 4: Market Performance Correlation - Historical data shows that the proportion of household stock holdings correlates with long-term stock market performance, with increases in stock fund holdings observed in the U.S., Japan, and Germany from 2013 to 2024 [5][11]. - The stability of stock and equity holdings among Chinese households is crucial for achieving a sustained bullish market [5][11].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The economy shows a mixed picture, with some indicators experiencing decline while others are on the rise. For example, GDP growth rate has decreased, but social financing scale has increased [1]. - The commodity market is active, with significant capital inflow on the first trading day after the Spring Festival, especially in gold, silver, copper, and lithium carbonate [2]. - The stock market has different performances, with A - shares having a good start in the Year of the Horse, while the Hong Kong stock market has declined [29]. - The bond market is relatively strong, with most interest - rate bond yields falling and some bond prices rising or falling [19]. 3. Summary by Directory 3.1 Macro Data Overview - GDP growth rate in Q4 2025 was 4.5%, down from 4.8% in the previous quarter and 5.4% in the same period last year [1]. - In January 2026, the manufacturing PMI was 49.3%, slightly up from 49.0% in the previous month; the non - manufacturing PMI: business activity was 49.4%, down from 50.1% in the previous month [1]. - Social financing scale in January 2026 was 7220.8 billion yuan, a significant increase from 817.8 billion yuan in the previous month [1]. - M0, M1, and M2 growth rates in January 2026 were 2.7%, 4.9%, and 9.0% respectively, with M0 and M1 growth rates decreasing compared to the previous month, while M2 growth rate increased [1]. - CPI in January 2026 was 0.2% year - on - year, the same as the previous month; PPI was - 1.4% year - on - year, an improvement from - 2.1% in the previous month [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The 1 - year LPR is 3.0% and the 5 - year LPR is 3.5%, remaining unchanged for 9 consecutive months. Policy interest rates and LPR quotes are likely to remain stable in the short term [2]. - On February 24, the commodity futures market had a net capital inflow of nearly 45 billion yuan, with significant inflows into gold, silver, copper, and lithium carbonate [2]. - The Shanghai Gold Exchange adjusted the margin ratios and price limits for some contracts starting from February 24 [2]. - The US has started to levy a 10% global tariff and is preparing to raise it to 15%. It is also considering additional tariffs on six industries [3]. 3.2.2 Metals - The Ministry of Commerce included 20 Japanese entities in the export control list and 20 in the watch list to prevent Japan's "remilitarization" and nuclear - possession attempts [5]. - In December 2025, the global refined copper market had a surplus of 173,000 tons [6]. - As of February 24, 2026, the持仓 of the world's largest gold ETF, SPDR Gold Trust, increased by 7.72 tons to 1094.19 tons [6]. - Many countries are implementing strategies for key mineral reserves, which may lead to a shift in commodity policies [6]. 3.2.3 Coal, Coke, Steel, and Minerals - The Trump administration plans to use an AI project to set reference prices for key minerals in a global metal trading group [7]. 3.2.4 Energy and Chemicals - Domestic refined oil prices have increased for the third time this year. On February 24, gasoline and diesel prices were raised by 175 yuan/ton and 170 yuan/ton respectively [9]. - Venezuela will increase its crude oil exports starting from March, especially to India [9]. - The CEO of Occidental Petroleum said that US oil production can remain stable when oil prices are between $60 - 65 per barrel [9]. 3.2.5 Agricultural Products - ICE cocoa fell below $3000/ton, reaching its lowest level since March 2024 [11]. - The US Department of Agriculture predicts that US beef exports will decrease by 6% and imports will increase by 3% in 2026 compared to 2025 [11]. - India's soybean meal exports in January 2026 increased to 132,440 tons [11]. - Malaysia's palm oil exports from February 1 - 15 decreased by 11.2% [11]. 3.3 Financial News Compilation 3.3.1 Open Market - On February 24, the central bank conducted 526 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 926.4 billion yuan as 1452.4 billion yuan of reverse repurchases matured [13]. - The central bank will conduct 600 billion yuan of MLF operations in February, with an additional 300 billion yuan compared to the maturity amount, marking the 12th consecutive month of increased renewal [13]. 3.3.2 Important News - The US has started to levy a 10% global tariff and is considering raising it to 15%, as well as additional tariffs on six industries. China is closely monitoring and may adjust counter - measures [14]. - Panama's government took over two container terminals operated by CK Hutchison. China will safeguard the legitimate rights and interests of the enterprise [15]. - The State Council meeting deployed post - Spring Festival government work, including promoting the development of the silver - haired economy and pension services [15]. - The Spring Festival holiday had record - high domestic tourism numbers and spending [15]. - The consumer goods trade - in program in 2026 has benefited 30.532 million people and driven sales of 204.54 billion yuan [16]. - The Spring Festival travel season had a record - high travel volume, with an 8.2% year - on - year increase [16]. - The real estate market in core cities may experience a "small spring" recovery after the holiday [16]. - The LPR has remained unchanged for 9 consecutive months, and policy interest rates are likely to remain stable in the short term [16]. - The public fund issuance market was active on the first trading day after the Spring Festival [17]. 3.3.3 Bond Market Summary - On the first trading day after the Spring Festival, the inter - bank bond market was relatively strong, with most interest - rate bond yields falling and treasury bond futures rising [19]. - The inter - bank market funds were slightly tightened, with the weighted average interest rates of DR001, DR007, and DR014 rising [20]. - In the exchange bond market, some bonds rose and some fell, and the Wande real - estate bond 30 index and high - yield urban investment bond index rose [20]. - The CSI Convertible Bond Index and Wande Convertible Bond Equal - Weighted Index rose [21]. - Most money market interest rates rose [21]. - Shibor short - term varieties mostly rose [22]. - Bank - to - bank repurchase fixed - rate bonds rose across the board [22]. - The winning bid yields and multiples of some financial bonds and treasury bonds were announced [23]. - European bond yields fell collectively, and US bond yields showed mixed trends [23][24]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose 265 points to 6.8849 at the 16:30 close, and the central parity rate was depreciated by 16 points [25]. - The US dollar index rose 0.17%, and most non - US currencies fell [25]. 3.3.5 Research Report Highlights - Xingzheng Fixed - Income believes that the Chinese - funded US - dollar bond market is volatile, and it is recommended to prioritize the coupon strategy and use hedging tools [26]. - CITIC Securities believes that the recent fluctuations in US tariff policies may have limited impact on China's exports in 2026 [27]. 3.4 Stock Market News - A - shares had a good start in the Year of the Horse, with the Shanghai Composite Index rising 0.87%, the Shenzhen Component Index rising 1.36%, and the ChiNext Index rising 0.99%. Resource - related stocks rose, while some sectors such as film and AI application stocks declined [29]. - The Hong Kong stock market fell, with the Hang Seng Index down 1.82%, the Hang Seng Tech Index down 2.13%, and the Hang Seng China Enterprises Index down 2.06%. Some sectors such as large - scale technology stocks and financial stocks declined, while some sectors such as AI application and oil and gas stocks rose [29].

Macro - The article discusses the significant amount of "excess savings" in the market, estimated at 16 trillion yuan, which will face lower interest rates of 1.2%-1.5% by 2026, potentially triggering a shift of deposits to other assets [2] - The total amount of maturing deposits in 2026 is projected to be around 76-77 trillion yuan, with a notable seasonal peak in the first quarter, where approximately 32-34 trillion yuan will mature [2][4] - The year-on-year increase in maturing deposits from 2025 to 2026 is expected to be 9.6-10.8 trillion yuan, with a growth rate of 14.4%-16.3%, which is lower than the 17.7% growth rate in 2025 [2] Pressure Analysis - Approximately 25 trillion yuan of high-interest deposits are set to mature, representing about 32% of the total maturing deposits, which is a key factor for renewal pressure [3] - The renewal rate for deposits maturing in 2025 is expected to remain resilient, with around 90% of deposits likely to be renewed despite lower interest rates [3] Core Contradiction - The focus for 2026 shifts from "whether to move" to "where to move," indicating a gradual and dispersed migration of deposits to other assets rather than a rapid shift [4] - Even with a hypothetical 10% outflow rate from the 77 trillion yuan in maturing deposits, this could significantly impact the pricing in equity and bond markets [4]

Group 1 - The central viewpoint of the report emphasizes the importance of maintaining ample liquidity and relatively loose social financing conditions, as stated in the central bank's monetary policy report for Q4 2025 [9][10] - The report indicates that the anticipated early quota for local government bonds in 2026 is projected to be 3.12 trillion yuan, based on 60% of the new local bond quota for 2025, which is 5.20 trillion yuan [16][44] - The report highlights that the total issuance of local government bonds is expected to reach 20.216 trillion yuan by February 28, 2026, with a significant portion being long-term bonds [17][45] Group 2 - The report notes that the net financing scale of local government bonds in March is expected to decrease to around 500 billion yuan unless the new bond quota announced during the two sessions exceeds market expectations [18][45] - It is mentioned that the implied tax rates for various bond maturities are around 4% for 10Y, 4% for 15Y, 5% for 20Y, and 4.5% for 30Y, indicating a favorable value proposition for these bonds [19][47] - The report discusses the behavior of institutions, noting that various entities, excluding insurance, have shifted to net buying of local bonds before the Spring Festival, with a focus on longer maturities [18][47]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - In 2026, national ministries and commissions offer policy and financial support for local economic development, aiming to encourage local governments to implement projects related to "investment in things and people" and promote the development of industrial clusters [5]. - The macro - economic indicators show a fluctuating trend. In 2025, China achieved the GDP growth target of 5%. Despite the "reciprocal tariff" measures from the US, China's import and export volume continued to grow, with exports increasing by 6.1% for the whole year and 5.2% in December [5]. - Fiscal expenditure expansion has multiple sources, including the 2026 fiscal deficit, central budget - inner investment funds, super - long - term special treasury bonds, local government special bonds, and transfer payments [5]. - Cultivating emerging industries may be a key way for local governments to expand effective investment. Local governments can develop high - tech and equipment manufacturing industries according to local conditions, and cultivate more "specialized, refined, distinctive, and innovative" enterprises [5]. - Encouraging local governments to cooperate with state - owned central enterprises can bring greater help to local economies. Central enterprises have strategic advantages in many fields, and cooperation can have a multiplier effect [5]. 3. Summary According to the Directory 3.1 Local Economic Development: What Are the Levers? - **Macro - economic Performance in 2025** - GDP reached 1,401,879 billion yuan, growing by 5.0% year - on - year. The growth rates in different quarters were 5.4%, 5.2%, 4.8%, and 4.5% respectively [8]. - The added value of large - scale industries increased by 5.9% year - on - year. The added value of equipment manufacturing and high - tech manufacturing increased by 9.2% and 9.4% respectively, faster than the overall industrial growth [9]. - The added value of the service industry increased by 5.4% year - on - year. Some sub - sectors such as information transmission, software and information technology services had relatively high growth rates [10]. - The total retail sales of social consumer goods reached 501,202 billion yuan, growing by 3.7% year - on - year. Rural consumer goods retail sales grew faster than urban ones [11]. - The total fixed - asset investment (excluding rural households) decreased by 3.8% year - on - year. Infrastructure investment decreased by 2.2%, while manufacturing investment increased by 0.6%, and real estate development investment decreased by 17.2% [11]. - The total volume of goods import and export reached 454,687 billion yuan, growing by 3.8% year - on - year. Exports increased by 6.1%, and imports increased by 0.5% [12]. - **Policy Support in 2026** - The central bank, the Ministry of Finance, and the National Development and Reform Commission continue to strengthen policy support and provide financial cooperation to encourage local governments to implement projects and promote the development of industrial clusters [5]. - The Ministry of Finance will implement a more proactive fiscal policy, including increasing the total amount of fiscal expenditure, optimizing the structure, improving efficiency, and enhancing internal impetus [17]. - The National Development and Reform Commission will focus on "three坚持" to promote economic development, including expanding domestic demand, developing the real economy, and promoting the construction of a unified national market [26]. - **Development of Emerging Industries** - High - tech manufacturing and equipment manufacturing continue to lead the way. High - tech manufacturing PMI remained at a relatively high level, and equipment manufacturing PMI was in the expansion range [28]. - Local governments can cultivate "specialized, refined, distinctive, and innovative" enterprises in emerging and future industries, and the Ministry of Industry and Information Technology has put forward development ideas for emerging industries, future industries, and new materials industries [30]. - **Cooperation between Local Governments and Central Enterprises** - Central enterprises have made significant investments in strategic emerging industries in 2025, with a high R & D investment intensity and a large number of R & D personnel and platforms [35]. - The State - owned Assets Supervision and Administration Commission has planned the development of emerging industries, including deepening industrial ecosystem cooperation, promoting the layout of emerging industries, and strengthening system empowerment and coordinated development [35]. 3.2 Investment Strategy - **Focus on Economically Strong Provinces** - Provinces such as Guangdong, Jiangsu, Zhejiang, Fujian, Anhui, Shanghai, and Beijing have relatively good development momentum and debt management. Their provincial, prefecture - level, and district - county - level platforms are relatively stable, and the bond duration can be appropriately extended to 5 years [51]. - **Focus on Regions with Debt - Resolution Policies** - Regions such as Chongqing, Tianjin, Guangxi, Inner Mongolia, Liaoning, Jilin, Heilongjiang, Gansu, Guizhou, and Yunnan, where there are significant debt - resolution policies or actual capital inflows, can be considered for short - term investments (duration within 3 years) [51]. - **Focus on Prefecture - level Cities with Strong Industrial Bases** - Prefecture - level cities with strong industrial bases and financial support, such as those in Hunan, Hubei, Henan, Sichuan, Chongqing, Shaanxi, Guangxi, Shanxi, and Jiangxi, can be considered for investments with a duration of 3 - 5 years [53].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report This year's Spring Festival holiday had unique advantages, including the longest duration in history and a consumption - stimulating activity. It showed excellent performance in multiple dimensions, especially in travel and consumption. The real - estate market showed signs of hitting the bottom, while the film market was dismal. Overseas capital markets had various trends due to factors like Fed's FOMC meeting minutes, geopolitical conflicts, and AI industry development [2][8]. 3. Summary by Related Catalogs Travel - The Spring Festival travel rush saw a continuous increase in long - distance travel. The total cross - regional passenger flow from February 2nd to 21st this year increased by 5.4% compared to the same period in 2025 and 26.3% compared to 2019, reaching a record high. The number of passengers in various transportation modes increased by about 5% - 6%. The self - driving travel enthusiasm was significantly boosted, with the national population migration scale index from the 15th day of the twelfth lunar month to the fifth day of the first lunar month increasing by 22.2% this year compared to 2025 [3][9][12]. - The difference in growth rates between the data from the Ministry of Transport and Baidu Migration was likely due to statistical methods. The non - operational passenger volume on roads accounted for 81.3% of the total cross - regional passenger flow, indicating that self - driving was the main mode of travel during the Spring Festival [16][17]. Consumption - Retail, catering, and service consumption were active. The average daily sales of key retail and catering enterprises in the first four days of the holiday increased by 8.6% compared to the same period in 2025, higher than the growth rates during the May Day and National Day holidays in 2025. The consumption of domestic tourism on key platforms increased by 4.5% in the first three days of the holiday. The rental car order volume on key platforms increased by 26%, and the north - south cross - region orders increased by 196% [4][19][22]. - The "trade - in" policy continued to release consumer demand. By February 19th, the trade - in of consumer goods benefited 28.88 million people, driving sales of 198.02 billion yuan. Smart devices maintained high growth, and Hainan's duty - free sales increased rapidly [22]. Film Market The film market continued its dismal performance since 2025, hitting a new low in the Spring Festival season in the past 7 years. As of the afternoon of the sixth day of the first lunar month, the cumulative box office of this year's Spring Festival season was 4.91 billion yuan, and it was unlikely to exceed 6 billion yuan. The number of screenings reached a new high, but the number of movie - goers hit a new low, mainly due to the lack of high - quality works [25]. Real - Estate Market The real - estate market showed a weak rebound at the bottom, with first - tier cities having a stronger rebound than second - and third - tier cities. From the first to the fifth day of the first lunar month, the average daily sales volume of commercial housing in 30 large and medium - sized cities was 1.04 million square meters, a 24.9% increase compared to the same period last year. The transaction and listing prices of second - hand houses in January also showed signs of stabilization. If the trend in the past 1 - 2 months continues, the real - estate sales may have hit the bottom [5][29]. Overseas Capital Markets - Most overseas bond yields declined. The 10 - year US Treasury yield adjusted upwards due to the hawkish FOMC meeting minutes and tariff policy fluctuations. European bond markets generally strengthened under the expectation of easing. The 10 - year Japanese government bond yield declined by 10.9bp, while the 10 - year Indian government bond yield increased by 4.8bp [6][32]. - The US dollar index strengthened, and the copper - gold ratio fluctuated weakly. Most overseas commodities rose, with oil and coal prices rising by more than 5%. Precious metals and some agricultural products also had varying degrees of increase [35][37]. - European and American stock markets rose collectively, while Asian stock markets were divided. The US stock market rebounded strongly, and European stock markets followed suit. The South Korean stock market hit a record high, while the Hong Kong and Japanese stock markets were weak. The FTSE A50 index rose 0.3% during the holiday [40].

Group 1 - The core viewpoint of the article is that the recent interest rate cuts in the US, starting from September 2024, have led to a bullish trend in both the US stock and bond markets, as lower interest rates typically result in higher bond values [2][3]. Group 2 - The decline in US dollar interest rates has improved market liquidity, benefiting the US stock market, which has seen an overall increase since the onset of the rate cut cycle in September 2024. However, the high valuation of US stocks may limit their growth compared to non-US markets [3][5]. Group 3 - The depreciation of the US dollar, alongside lower interest rates, has resulted in increased capital flow towards non-US assets. Since the beginning of the rate cut cycle, the Chinese yuan has appreciated against the US dollar, leading to capital inflows into RMB-denominated assets, which have positively impacted both A-shares and Hong Kong stocks [5][6]. Group 4 - Both Hong Kong and A-shares are considered RMB assets, and the short-term decrease in US dollar interest and exchange rates has been beneficial for these markets, with a more pronounced effect observed in Hong Kong stocks [6].