According to Soochow Securities' Research Reports, in 2025, it is expected that Hong Kong stocks will further recover, primarily due to: 1) The Global economy is still in the US dollar interest rate reduction cycle, with continued rate cuts in the first half of the year, which is still favorable for stocks in the Emerging Markets, including China Assets; 2) The valuation of Hong Kong stocks remains relatively low compared to major Global stock indices; 3) Under the impetus of domestic policies, the profitability of Hong Kong stocks will further improve.