Huatai Securities: Keep Hong Kong Stock Positions Flexible

The notable tension here is that a technical rebound is being framed as plausible while the two forces that would give it legs — overseas liquidity and domestic fundamentals — are still described as caps, not catalysts. That leaves Hong Kong equities hostage to rate volatility at the point level, even after the FOMC-driven easing. The open question is whether earnings expectations can turn before liquidity tightens further; until then, any rebound looks tactical rather than durable.