Hong Kong and US market review

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Friends, has this bull market suddenly ended? I see many people panicking today, with "it's over, it's over" echoing across social media and group chats. But I want to ask—if our bull is this fragile, collapsing at the slightest breeze, can we even play with it?

Honestly, don’t be scared by short-term volatility. These market pullbacks and fluctuations are nothing. Instead of obsessing over the daily ups and downs of K-lines, take a longer-term view—understand the market from a macro perspective, analyze trends based on core logic. Otherwise, the short-term emotions reflected in daily or weekly charts will just drag you around.

Viewing the Market from a Macro Lens: If the Logic Holds, No Need to Panic

Stock investing ultimately boils down to two core things: fundamentals and valuation.

First, fundamentals. Around last Friday, there was almost no change in market fundamentals. The panic was just Trump firing off unsettling "tariff expectations." But remember, even if something happens, the impact is limited.

More importantly, our recent moves in rare earths and other sectors—what does that signal?—we’ve got confidence now. China’s tech rise and manufacturing dominance are the real "ballast" of the underlying logic. With this strength, even if tariffs are played, we’re no longer the punching bag. This game is about long-term strength, not short-term fluctuations.

Now, valuation. Currently hovering around the mid-range (50°), neither high nor low, in a comfortable zone. Combined with historically low risk-free rates, this price range is—frankly—quite cozy, with a high safety margin. So, putting fundamentals + valuation together, the conclusion is clear: the market’s core logic hasn’t changed, and there’s still potential at this level. Don’t scare yourself. A bull market won’t be knocked down by a few tweets.

Hang Seng Index: Trend Unchanged, No Need to Fear Short-Term Volatility

Back to the Hang Seng. Let me say it again—ignore short-term fluctuations, focus on the long-term trend. As long as each wave is higher than the last, there’s no need to worry. The current trend, in my view, looks quite healthy. Barring sudden tariff hikes, the 26,200 level is solid support. Even if tariff news emerges, I still believe there’s no need for excessive concern—the impact is limited, and the market can digest it.

Stocks: Long-Term Logic Intact—Hold or Add

Now, the stocks we hold: Meituan, JD.com, Alibaba, AAC Technologies. My take?—all are worth adding to. Especially AAC Technologies, which offered a 41 entry point and indeed presented an opportunity today, though it didn’t dip to 38, which would’ve been perfect. The logic for Alibaba, JD, and Meituan remains intact—no need to elaborate, just hold. This is a consolidation within volatility, not the end of the trend.

U.S. Stocks: Tesla Finally Pulls Back—Wait Patiently

For U.S. stocks, opportunities require patience.

Tesla has finally started pulling back—after such a strong run, a breather is normal.

NVIDIA’s pullback, I think, isn’t over yet—wait and see.

Apple—look for opportunities after the pullback.

Amazon—the 217 entry point is already in play, steady as it goes.

In Summary

A bull market is never a straight line—it’s a process of scaring people while making them money. What you should really worry about isn’t the pullback, but being led by emotions. So, my advice is simple: don’t panic, don’t act rashly, think long-term. If the logic holds, the future is bright.
As for short-term volatility? That’s just the bull catching its breath.