Fan Zhuoyun, Chief Investment Officer of HSBC Global Private Banking and Wealth Management Asia, said that the bank's target forecast for the Hang Seng Index is closer to the 20,000 point level, reflecting a more cautious outlook on the earnings prospects of Hong Kong companies, and the market's forecast for the growth of Hong Kong stock earnings is 14%, which is lower than the average in the Asia region. He believes that the target forecast is also realistic, but it depends on whether the growth momentum of the mainland economy will accelerate, as 80% of the market value of Hong Kong stocks are mainland companies.

He Wei Hua, North Asia Chief Investment Officer of HSBC Global Private Banking and Wealth Management, said that he is more bearish on the real estate and medical care industries of Chinese and Hong Kong stocks, believing that the former is affected by policies and the speed of destocking also needs to be observed, while the latter’s valuation is relatively high and corporate profit fluctuations are large.

Fan Zhuoyun said that customer investment sentiment has improved compared to January, and he currently has a neutral attitude towards Hong Kong and A-share stocks, still waiting for the improvement of corporate profitability or stabilization of mainland economic data.