CITIC Securities believes there will be a 3-4 month transition phase before the index bull market from the end of Q3 to Q4, and attention should be paid to domestic demand measures and the impact of U.S. tax cuts. Volatility during the improvement of Hong Kong stock liquidity is an opportunity to increase positions; Everbright Securities International expects Hong Kong stocks to rise steadily in the second half of the year, with the Hang Seng Index targeting 25,000 points; Guotai Haitong Securities warns of short-term uncertainties from Sino-U.S. trade negotiations and emphasizes the Hang Seng Tech sector, which benefits from AI transformation, with strong capital expenditures and cloud business revenue growth from leading internet companies.