Since late September, the policy measures have exceeded expectations, leading to a rise in the Hang Seng Index. As of the close on December 13, the Hang Seng Index has risen 17.15% year-to-date, marking the first annual gain since 2020. In terms of sectors and individual stocks, there have been continuous fluctuations, vividly portraying a "structural bull" market. Statistics from Wind show that this year, a total of 333 individual stocks have increased by more than 50%, with 142 stocks doubling in value. Quan Shi International has seen its stock price rise over 10 times this year, while eight stocks, including BOYAA, Wan Shun SK TARGET, YESASIA HLDGS, VERTICAL INT'L, and SHANGHAI QINGPU, have also increased by more than 5 times. Regarding the outlook for Hong Kong stocks in 2025, GTJA Hong Kong believes that the Federal Reserve will continue to cut interest rates in 2025, resulting in a gradual improvement in the valuation center of Hong Kong stocks. Looking ahead, Hong Kong stocks are expected to maintain a volatile upward trend, and investors need to focus on structural opportunities within the Industry. It is believed that the Hong Kong stock market will primarily experience an "N"-shaped upward trend, offering elastic opportunities during the period, but it is important to actively seek structural industry opportunities. (Securities Times)