CITIC Construction Investment: Is this round of Hong Kong stocks a rebound or a reversal?

CITIC Construction Investment released a research report stating that the current rebound in Hong Kong stocks can be understood in two ways: from the perspective of the global technology cycle, it can be seen as a transition from hardware bottlenecks to "application monetization," which the market is naturally responding to; from the perspective of the Hong Kong stock market itself, it can be understood as a marginal improvement after a period of intense pressure, with the market attempting to emerge from the trough and experiencing a rebound. CITIC Construction Investment believes that Hong Kong stocks are indeed emerging from multiple pressures, but whether they can enter a truly long-term bull market or a major bull market depends on overcoming two significant hurdlesimprovement in corporate earnings and easing U.S. dollar liquidity. The former determines the trend of the bull market, while the latter influences the scale and elasticity of the bull market. Until Hong Kong stocks truly surpass the two crucial milestones of earnings improvement and U.S. dollar liquidity easing, they are more inclined to be in a state of valuation recovery after excessive declines, having emerged from the period of maximum pressure.