On the Hong Kong stock market side, I've been waiting for the China recovery narrative to materialize, but honestly, I'm getting a bit nervous waiting📊. Copper prices are weak, RMB exchange rate pressure persists, and credit spreads haven't improved much. I have doubts about the self-consistency of the recovery story. I really don't dare to touch the risks of Yuexiu Property. If the narrative is disproven, I'll first retreat to more defensive positions like Bank of China and China Life Insurance.
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