Zhao Wenli, Managing Director, Head of Research and Chief Strategist of Jianyin International Securities Research Department, stated that there is currently a significant divergence in market outlook for next year, but it is generally believed that when the external environment is filled with unfavorable factors, one should focus on improving their fundamentals to lay the groundwork for growth next year. The firm expects that the Hong Kong stock market will continue to experience a "bear to bull switch" next year, with a trend of "first low then high" for the year. The fluctuation range may shift upwards, predicting the Hang Seng Index will fluctuate between 18,000 and 23,000 points, taking into account capital withdrawal under overseas impacts, corresponding to a forecast PE of 8.5 to 10.5 times.

The firm predicts that next year, the national index will fluctuate between 6,500 and 8,000 points, while the fluctuation range for the tech index will be between 4,000 and 5,200 points. It is anticipated that the Hang Seng Index and the national index will see profit growth reaching single digits next year, with the tech index potentially recording double-digit profit increases. He pointed out that in the first half of next year, market allocation should be "defensive first, then aggressive," with the order of industry rotation being high dividend stocks, consumer and manufacturing supported by fiscal policy, as well as non-bank financials, real estate, technology growth stocks, and other high beta coefficient shares.

Jianyin International Securities has listed the top ten focus stocks for 2025, which are Tencent (00700.HK), Meituan (03690.HK), jd.com (09618.HK), aac tech (02018.HK), Xiaomi (01810.HK), china pacific insurance (02601.HK), Geely Automobile (00175.HK), china shenhua energy (01088.HK), zoomlion (01157.HK), and akeso (09926.HK), all rated as "outperform the market."

In terms of industry and structural opportunities, he suggests paying attention to the internet, new energy fund vehicles, consumer electronics, consumer, biomedical, mining and commodity, finance, as well as undervalued high dividend stocks.