CITIC Securities's 2H strategy:

HK stocks underperforming U.S.
Thematic trading dominates markets' performance.
HK market factored in pessimistic expectations.
Continuous outflows of LT foreign capital led to shrinkage in HK volume and an increase in short-selling.
Foreign capital outflows reached historical highs since early 2023.
Biased trading funds continue to engage in a battle due to capital outflows.
Investor sentiment is under pressure, bringing down the trading volume to HK$97 billion from HK$136 billion this new year.
The short-selling ratio of HK stocks has rebounded to 24.4%, a level above the historical average of 2x σ.
The overall liquidity and investment environment of HK stocks are under pressure until there is a return of long-term capital.