The research report from CITIC Securities stated that since August 2024, small and medium-cap stocks in the Hong Kong stock market have seen rare excess returns. Although there was a pullback in the adjustments after October 8th, small-cap stock indexes have once again generated excess returns recently. This is related to the continuous trading enthusiasm in small-cap stocks and the inflow of southbound funds. Historically, phases of excess returns in small and medium-cap stocks in the Hong Kong stock market are usually accompanied by high levels of trading enthusiasm and rapid inflow of southbound funds. Recently, the trading enthusiasm for small-cap stocks has remained at a high level of volatility, and the volume of southbound funds flowing into small and medium-cap stocks has reached a historical high and is trending upwards, indicating that the rally in small-cap stocks is expected to continue. In addition, from the perspective of short selling, liquidity has a stronger impact on the prices of small and medium-cap stocks in the Hong Kong stock market compared to the price pressure caused by short selling.
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The research report from CITIC Securities stated that since August 2024, small and medium-cap stocks in the Hong Kong stock market have seen rare excess returns. Although there was a pullback in the adjustments after October 8th, small-cap stock indexes have once again generated excess returns recently. This is related to the continuous trading enthusiasm in small-cap stocks and the inflow of southbound funds. Historically, phases of excess returns in small and medium-cap stocks in the Hong Kong stock market are usually accompanied by high levels of trading enthusiasm and rapid inflow of southbound funds. Recently, the trading enthusiasm for small-cap stocks has remained at a high level of volatility, and the volume of southbound funds flowing into small and medium-cap stocks has reached a historical high and is trending upwards, indicating that the rally in small-cap stocks is expected to continue. In addition, from the perspective of short selling, liquidity has a stronger impact on the prices of small and medium-cap stocks in the Hong Kong stock market compared to the price pressure caused by short selling.