There is indeed a short-term opportunity for Hong Kong stocks. Valuation repair and improved sentiment are two factors that, when combined, provide a foundation for a rebound. However, it is important to clearly identify the constraints—interest rates overseas remain high, and expectations for rate cuts are also stalled, which directly limits the upward potential and sustainability of Hong Kong stocks.

So, what is the outlook medium-term? It remains prudent, but there's no need to be overly pessimistic.

How should we specifically position? Focus on value stocks, with appropriate participation in growth stocks. Keep a close eye on the technology and consumer sectors, especially those stocks that have recently performed relatively strongly and still have reasonable valuations. These types of assets will have better opportunities.