Huatai Securities released a research report saying that the current market value disclosure rate for Hong Kong equities/ADR Chinese stocks is about 97%. The profit growth rate of the non-financial real estate sector (TTM, YoY, same below) remains high (1Q24 18.9% vs. 4Q23 24.9%), and the net interest rate has risen from 4.3% to 4.5%, or highlights the success of “cost reduction and efficiency” of new economic leaders. Marginal changes in the US banking system reserves may disrupt overseas liquidity to a certain extent, and the stage where the recent “pendulum easing” marginal impact on overseas liquidity has the greatest impact may have come to an end. Southbound inflows narrowed last week and mainly flowed into the banking sector. The obvious expansion of passive foreign capital led to a net inflow of overall foreign capital. The Hang Seng Index short selling ratio remained at 10% or indicated a decline in marginal utility due to the bears' recovery effect. Furthermore, industrial capital repurchases clearly rebounded last week. Allocation: Dividends should be switched between high and low, and marginal additional new economic leaders with poor prosperity and poor expectations.