Guangda Securities: The overall valuation of Hong Kong stocks is still relatively low, continuing to focus on the "dumbbell" strategy of technology growth and high dividend stocks.

Guangfa Securities released a research report stating that the Fed's rate cut cycle is expected to begin, and the future of the Hong Kong stock market may continue to fluctuate upwards. The overall profitability of Hong Kong stocks is relatively strong, and assets such as the internet, new consumption, and innovative drugs are relatively scarce. In addition, despite the continuous rise of Hong Kong stocks for several months, the overall valuation is still low, and the long-term allocation cost-effectiveness is still high. Against the backdrop of continued efforts in domestic stable growth policies and the prospect of the Fed's rate cut cycle starting in September, the Hong Kong stock market may continue to fluctuate upwards in the future. It is recommended to continue focusing on the "dumbbell" strategy of technology growth and high dividend stocks.