CMB Securities: There is room for upward adjustment in external liquidity expectations, and it is recommended to return to a dumbbell strategy in terms of allocation.

CICC Securities released a research report stating that the recent trend of Hong Kong stocks has been volatile, not only due to the amplification of external fluctuations but also because some investors are hoping to lock in profits. However, this expectation gap is actually an investment opportunity for Hong Kong stocks. As the U.S. government shutdown is reaching a turning point and external liquidity expectations have room for upward revision, it is expected that many positive factors and expectation gaps will gradually be recognized by the market, and the market is expected to open up space for further growth after consolidation. In terms of allocation, it is recommended to return to the dumbbell strategy, increase positions in technology and non-ferrous metals on the offensive end, and focus on dividends and turnaround situations on the defensive end.