Huatai Securities believes that the impact of the dividend tax on the AH premium has been measured. The upper neutral level may have dropped from 143 to the 138 level. The AH premium narrowed to 137 at the close of Friday, or it has basically reflected the “one-time” impact of expected dividend tax changes. In the short term, financial data for April may catalyze high dividends vs. Hengke's excess earnings. Subsequent key influencing factors on style include expectations for changes in the Beijing/Shanghai real estate purchase restriction policy, and further statements on monetary policy at the June FOMC meeting. In the medium term, the internal and external macroeconomic environment, market value management demands of central and state-owned enterprises, and dynamic dividend rates are expected to increase, which together point to dividend assets in Hong Kong stocks or will continue to show allocation value. On the financial side, going south+ trading + short recovery is the main force for incremental capital. In terms of allocation, we will continue to look at the dividends of many Hong Kong stocks. The “win rate” is moderately based on offline and boom varieties, so we can focus on public/e-commerce and local life.