China Mobile barely moved, Legend Holdings fell by over three percentage points, Shankao Holdings dipped slightly—these are among the more defensive stocks within the Hong Kong stock market's main board. The telecom operators are as stable as ballast stones, while the two holding platforms saw slight pullbacks instead.

When the main board fluctuates, high-dividend telecom operators rely on their dividend foundation to withstand volatility, while the discount issue for holding-type companies remains unresolved without a catalyst. In this environment, should one hold on to high-dividend stocks to hedge against risk, or is the discount repair of holding platforms more worth waiting for? In the short term, I still see the former as more stable; what discount repair lacks is a trigger point for asset revaluation.