07226

07552

07500

03115

<p>CICC analyzed the quarterly switching context and performance of the US stock market, A-shares, and Hong Kong stocks. Since the beginning of 2025, the three markets have shown a "seesaw" effect and inter-market linkage. Recently, the Hong Kong stock market has performed weakly, mainly due to its greater sensitivity to changes in liquidity, a slowdown in southbound capital inflows, and structural differences. Future choices among the three markets still require further observation</p>

- Since early 2025, the markets in the U.S., Hong Kong, and mainland China have shown a quarterly switching pattern, with varying performances across regions.  
- Hong Kong's market has been particularly weak due to its sensitivity to liquidity changes and structural differences, with a notable decline in southbound capital inflows and external support.  
- The outlook for 2026 suggests that while U.S. markets may benefit from improved liquidity and credit cycles, Hong Kong's performance will depend on structural opportunities and the recovery of its consumer and technology sectors.

CICC: How to make a choice among the US, Hong Kong, and mainland China?