Lyon expects the yield on China's 10-year treasury bonds to rise to 3.7%, from which risky stocks can benefit. It is also expected that mainland property prices will fall in the first quarter of this year, which will cause the mainland government to relax its control measures early and maintain an "overweight" rating on internal housing stocks. Lyon also upgraded a number of consumer stocks to "buy", including 00887-HK, 03389-HK and 00398-HK.