Broad strategy: Optimistic about Hong Kong stocks in the second quarter, especially the rebound opportunities in April and May.

Guangfa Strategy Research Report believes that there is a good opportunity for a rebound in Hong Kong stocks in the second quarter, especially in April and May, due to the exhaustion of three types of negative factors: first, the disclosure of annual reports has been completed, uncertainties such as performance, buybacks, and capital expenditures have been digested; second, the peak of the lifting of restrictions in March has ended, and the scale of lifting restrictions in the second quarter has fallen, bringing an opportunity to clear negative factors caused by emotions; third, overseas liquidity pressures have eased.