The 2025 Hong Kong stock strategy report released by the research department of Guotai Junan i believes that the Hong Kong stock market will fluctuate upwards in 2025, and structural opportunities are worth noting. In 2024, the bottom of the Hong Kong stock market will rise, and high-dividend and growth styles will perform well. Market uncertainty will decrease in 2025, but Trump’s tariff policy poses major risks; it is expected that overseas liquidity improvement will continue, domestic policies will continue to exert force, and Hong Kong stock profits will improve slightly; it is recommended to pay attention to leading internet companies, domestic demand sectors supported by policies, and high-dividend sectors with stable profits.