Tianfeng Securities released a research report stating that the short-term bearish sentiment of Hong Kong stocks has been digested to some extent. In terms of fundamentals, the Hang Seng Index has a high correlation with high-frequency indicators of economic growth in the long term. Since May 20, the two indicators have shown some deviation, and it is expected that the subsequent gap will converge. Looking ahead, the significant rebound in Hong Kong stocks has been promoted against the backdrop of significant improvements in sentiment from both domestic and foreign capital. The sustainability and upward space in the future still require more solid fundamental data to match. During the verification period of economic recovery, we still maintain a cautious and optimistic attitude. In addition, US stocks may experience adjustments under medium-term fundamental pressure, and short-term risk preferences are still supporting factors.