Currently, President Trump has issued two messages regarding tariffs even before officially taking office: one is the increase in tariffs on Canada and Mexico; the other is the increase in tariffs on China. After officially taking office in January, judging from the officials he has appointed, deglobalization and regional trade protectionism are bound to intensify. If the US dollar further flows back to the United States, the liquidity of Hong Kong stocks will further dry up. Against the backdrop of the US-China rivalry, foreign capital is gradually withdrawing, while Chinese capital is gradually stepping in. This process will take some time, during which the liquidity of Hong Kong stocks will remain poor, and the difficulty of trading individual stocks as well as the profitability will further increase.