On Friday (7th), the three major Hong Kong stock indexes turned lower during the session, and the Hang Seng Technology Index ended its four consecutive rises, with the decline widening to 1%. On the market, technology and Internet stocks led the decline, with Kuaishou (HK:1024) falling by more than 3%, Bilibili (HK:9626) falling by more than 2.5%, JD Group-SW (HK:9618) falling by nearly 2%, and Xiaomi Group-W (HK:1810) and Tencent Holdings (HK:0700) fell more than 1%.

Huatai Securities believes that the Hong Kong stock market from August last year to the present is exactly the "restlessness" after experiencing the "squat" from autumn to winter and then to spring. Recently, Hong Kong stocks have basically priced in the expected changes in the domestic and foreign macro environment, but the market may still have a gap in profit expectations of "good Chinese companies". Under the neutral assumption, the Hang Seng Index's 24E earnings growth is expected to be about 5%, the PE_TTM after the Fed cuts interest rates is about 10.2x, and the fluctuation range of the Hang Seng AH Premium Index during the year is about 137-143.