[GF Securities: Hong Kong stocks are in the second stage of the bull market, and the third stage still needs to be observed] According to Jinshi Data on October 5, Dai Kang, chief asset research officer of the Development Research Center of GF Securities, judged that A-shares have ushered in the strongest rebound since the bear market. On the one hand, domestic policies have very cleverly utilized the window of the Fed's interest rate cut cycle, which will last for about two years. On the other hand, the shift in policy intensity has exceeded the market's original expectations. Dai Kang believes that the direction of this round of prescriptions is correct, similar to a person who has a cold. He used to take medicine, but now he has to hang an IV drip. Dai Kang believes that Hong Kong stocks are in the second stage of the bull market, which is the stage of value reassessment; as for the third stage, we have to wait for the continued improvement of fundamentals, which still needs to be observed, including the market situation of profit realization, which is not clear yet. (Reprinted from: Jinshi Data)