HTSC's report pointed out that the core contradiction of Hong Kong stock software lies in the lack of liquidity in Hong Kong stocks, leading to large fluctuations in the valuation of these software companies. From 2020 to present, the average decline of the Hong Kong stock software sector is 72%, and the valuation is at a relatively low level.

The bank pointed out that from a fundamental perspective, the fundamentals of Hong Kong stock software companies may have bottomed out in the past two years, with varying degrees of decline in revenue and net profit growth rate. We believe that with the Fed entering a rate-cutting cycle and the domestic implementation of a series of proactive monetary policies such as reserve requirement cuts and interest rate cuts, as well as the announcement of innovative policy tools to boost the stock market, domestic and foreign liquidity may significantly improve, sustaining market sentiment and Hong Kong stock software is expected to usher in a phase of upward trend.

The bank indicated that the main business scope of companies in the Hong Kong internet finance sector includes financial technology solutions, payment solutions, and smart payment terminals, with the performance of internet finance companies often related to market trading volume, while payment sector companies are more related to downstream consumer demand. From an industry perspective, if the trading volume in the domestic market continues to expand in the future, the performance of internet finance sector companies is expected to maintain rapid growth.