According to Jinshi, CICC's research report pointed out that Hong Kong stocks have more advantages than A-shares, mainly reflected in the low valuation, greater sensitivity to liquidity, and the fact that cyclical and Internet sectors with better profits account for a larger proportion of Hong Kong stocks. At the same time, most of the real estate and manufacturing chains with profit pressure are concentrated in A-shares. If the Federal Reserve starts to cut interest rates this year, Hong Kong stocks will also benefit more than A-shares under the linked exchange rate system. CICC recommends that in the context of market consolidation, more attention should be paid to structural opportunities, and the allocation direction is summarized into three directions: overall return rate decline, local leverage, and local price increase.