CITIC Construction Investment: Hong Kong stocks present the first buying opportunity after the Spring Festival

Ask AI · How can TACO’s statement help ease the external liquidity pressure on Hong Kong stocks?

Since February 2026, Hong Kong stocks have entered a phase of rapid adjustment. The Hang Seng Index and the Hang Seng Tech Index have both fallen sharply in sync, and the extent of the interim pullback has been significant. However, the bull market structure in Hong Kong stocks has not ended. This pullback is a typical mid-cycle adjustment within a bull market, rather than a trend reversal; this is precisely the first go-long window in the year that’s worth actively seizing.

From the long-term trend perspective, this round of adjustment has only shaken market valuations and short-term risk appetite, without changing the core storyline of profit recovery in Hong Kong stocks. In terms of overseas liquidity, TACO’s recent statement has released a signal of marginal improvement; signs have emerged that the external liquidity and market sentiment headwind has begun to ease. For institutional investors, conditions are now in place for a left-side layout. If, going forward, external shocks do not further escalate, Hong Kong stocks will most likely move out of the adjustment range and return to a choppy consolidation with an upward bias channel. In the remainder of this market cycle, the drivers will also shift from earlier valuation-driven momentum to earnings-driven momentum, with the main focus on structurally high-quality opportunities.