The China International Capital Corporation remained constructive on Hong Kong stocks and said that the rally started from November 2022 is now basically complete, as Hong Kong equities concluded the first stage of an overall recovery, characterized by the improvement in risk appetite.
The current second stage of the recovery will be marked by valuation recovery, supported by outlook of further weakening of US inflation in the first quarter this year, Federal Reserve pausing rate hikes, China's post-pandemic recovery and ramp-up in accommodative policy . . .
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