CITIC Securities: Hong Kong stocks rebound far from historical extremes, still significant upside potential ahead

On October 13th, Golden Ten Data reported that CITIC Securities stated that after a short period of rapid rise, the Hong Kong stock market naturally experiences some downward pressure, which is a self-regulating mechanism of the market. Furthermore, after active buying by foreign capital during the holiday period, there may have been some profit-taking operations, which also put pressure on the market. In addition, the market may have certain expectations for the press conference held on the first day after the holiday, but the final results may not fully meet market expectations, causing investors to worry about the certainty of policies, thereby affecting market sentiment. Looking ahead, CITIC Securities believes that despite the brief correction in the market, the positive factors previously discussed continue to influence the Hong Kong stock market. In addition, the rebound of the Hong Kong stock market is far from historical extremes, and there is still significant room for growth. From a valuation perspective, taking the Hang Seng Index as an example, although the valuation level has been somewhat restored, it has only returned to the vicinity of a reasonable range at present, and it is premature to say that it has peaked, indicating that there is still room for further growth in the future