Hong Kong stocks are destined for a dull market | Mo Haonan
The recent performance of Hong Kong stocks has been sluggish, divided into three categories: large technology stocks, small and mid-cap growth stocks, and traditional stocks. Large technology stocks such as Tencent and NetEase have good fundamentals, but e-commerce technology stocks are affected by the "involution" issue, making it difficult for valuations to improve. Small and mid-cap growth stocks are highly volatile, but have limited impact on the index. The valuation improvement space for central state-owned enterprises and traditional stocks is limited, and the market lacks new catalysts, so it is expected that Hong Kong stocks will continue to remain in a stagnant situation
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