$$Hang Seng Index(HSI.HK) $$Hang Seng TECH Index(HSTECH.HK) The Hang Seng Index is targeting 19,000 points. Sharing Ping An Securities' analysis, let's evaluate together. First, foreign capital: Since the Fed's FOMC meeting in November last year, the market has front-run the rate cut trade, but Hong Kong stocks have not significantly benefited from liquidity, performing weakly. Since April this year, there have been new changes in capital flows. With reduced expectations of further rate hikes by the Bank of Japan and repeated delays in Fed rate cut expectations, global capital has rebalanced, with foreign capital withdrawing from U.S. and Japanese stocks. Looking at the monthly changes in shareholding ratios among different intermediaries in Hong Kong stocks, international intermediaries' holdings have continued to rise since March, indicating foreign capital inflows into Hong Kong stocks, improving liquidity and driving consecutive gains. Meanwhile, EPFR data shows that overseas active funds continued to outflow from Hong Kong stocks in April, suggesting that the current inflows into Hong Kong stocks are mainly trading-oriented, with stronger hedging and trading purposes. Second, domestic capital: Since March, southbound capital has continued to increase, with turnover in the Stock Connect surging. High dividends remain the main theme of Hong Kong stock trading.