China Merchants International: Hong Kong stock valuations have returned to a reasonable level, and the market is expected to face significant resistance at the 25,000-point mark

Zhang Haonen, the investment director of CITIC Bank (International), stated that the Hong Kong stock market will continue to focus on Sino-U.S. talks in the short term, and it is expected that the 25,000-point level will face significant resistance. Although the Hong Kong stock market has risen more than 20% this year and valuations have returned to reasonable levels, the Federal Reserve may not cut interest rates in June, and the market lacks factors for downward speculation. He is optimistic about the prospects of large technology stocks and believes that the price war in the electric vehicle industry is unsustainable, with future profits depending on the market positioning of companies