Benefiting from the rebound since May, year-to-date $Hang Seng Index (800000.HK)$ The composite index outperformed $S&P 500 Index (.SPX.US)$ 10.7 percentage points, and even slightly outperformed $CSI 300 Index (000300.SH)$ ， completely reversing the 'rolling bear market' since July last year.
Due to the offshore nature of the Hong Kong stock market, concerns about domestic industry regulation, real estate credit risk, local epidemic and the U.S. delisting bill were significantly amplified by the Russian-Ukrainian conflict and overseas monetary tightening after the Spring Festival, leading to a 26% decline in the Hang Seng Index. On March 16, Vice Premier Liu He gave positive guidance on stability measures, real estate risks, regulation of U.S.-listed Chinese stocks, governance of platform economy, and stability of the Hong Kong financial market at the Golden Stable Meeting, significantly boosting market confidence. Within a week, the Hang Seng Index rebounded more than 20%. However, since late March, localized epidemic outbreaks have occurred again, and the epidemic prevention and control policies of multiple cities have gradually become the core focus of the market due to their impact on the fundamentals. Since May, with the gradual control of scattered epidemics and the frequent implementation of growth-stabilizing policies, the fundamentals have bottomed out and the turning point of the Hong Kong stock market has been established.In addition, since mid-May, the trading volume of Hong Kong stocks has also rebounded significantly, rising from the previous approximately 70 billion Hong Kong dollars to 140 billion Hong Kong dollars, further confirming the recovery of investor confidence.
Looking ahead to the second half of the year, it is expected that the previous pressure...