The CITIC Securities Research Report said that, benefiting from a series of domestic policy incentives since late January, Hong Kong stocks have rebounded more than 10% since bottoming out on January 22. Historically, the financial, consumer, and technology sectors of Hong Kong stocks are highly correlated with the performance of the real estate industry, while the weight of the corresponding sector in the Hang Seng Composite Index is significantly higher than that of the Shanghai and Shenzhen 300. The former may benefit more from the implementation of subsequent real estate and debt conversion policies. Currently, the valuations of the major indices of Hong Kong stocks are close to the bottom of history. Combined with the quarterly adjustment of the MSCI index at the end of February, the cost performance ratio of the tactical allocation of the Hong Kong stock market is highlighted. CITIC Securities estimates also show that from January 22 to February 16, a total of HK$7.8 billion of foreign capital has returned to the Hong Kong stock market. Looking forward to the future, in a context where investors' risk appetite is expected to gradually reverse, and short positions are compounded by a phased return of foreign capital, CITIC Securities judges that the Hong Kong stock market may usher in a change in style. The short-term growth sector will outperform high-dividend strategies. Investors are advised to pay attention to Hong Kong stock consumption, the non-bank financial industry, and the right-hand side market of the Hang Seng Technology Index.