Zhao Wenli, chief strategist and research director of Jianyin International, mentioned at the 2025 China Chief Economist Forum Annual Conference that the judgment on the medium-term trend of Hong Kong stocks remains optimistic. The Hong Kong market is inherently volatile, so there may be fluctuations in between, but from the annual trend perspective, the possibility of 'lower first then higher' is relatively large. He predicts that the volatility Range of Hong Kong stocks next year will be between 18,000 and 23,000. 'I think it's still not easy to break 23,000 for the time being, but if some unexpected factors arise, I believe the possibility of an increase still exists.' (Insightful)