Ba Ling Fang Weichang: The market is full of uncertainty and the timing for entering the Hong Kong stock market has not arrived.

Fang Weichang, the A-share investment director of Polar Harbor, said that as there is still some time before Trump takes office and announces tariff measures, the market is full of uncertainty, leading to capital flowing to the United States, prompting a correction in Hong Kong stocks. However, he believes this is only a short-term trend. He advised to wait for clearer factors from the United States before making any deployments, as the timing for market entry has not yet arrived. Fang Weichang recalled that when Trump proposed tariffs in his first term, the market fell deeply, but as the measures were implemented, the stock market also rebounded, expecting a similar situation this time. Moreover, if Trump ultimately imposes tariffs on every country, it will eventually be passed on to prices, reducing the impact on Chinese exporters. Additionally, if the U.S. economy continues to perform well, Chinese exports will benefit and offset some of the impact of tariffs. Therefore, he believes the impact will not be overwhelmingly negative, and investors need not worry excessively. He pointed out that with the level of activity in Hong Kong A-share IPO, real estate and stock market trading, and the performance of small and medium-sized enterprises, all pointing to the recovery of the Chinese economy, if the performance of Chinese stocks continues to improve and the mainland real estate market stabilizes, Hong Kong stocks will slowly rise. Reaching over 20,000 points in Hong Kong stocks is not very difficult. He believes that the market will focus on the Central Economic Work Conference in December, indicating that more measures to support consumption and real estate may be introduced, with the possibility of expanding the fiscal deficit. Although Hong Kong stocks have already adjusted, it is not yet the right time to enter the market, and it is best to wait for clearer factors from the United States before deploying. He mentioned that his fund recently reduced holdings of export stocks and increased holdings of domestic demand stocks. However, as the impact of tariffs is gradually absorbed, he does not rule out the possibility of re-investing in export stocks under certain circumstances next year.