Improvement in the overseas environment, personnel changes at the Federal Reserve may boost expectations for interest rate cuts, leading to a weaker dollar, which is favorable for emerging market stocks, especially Hong Kong stocks. Under policy guidance, anti-involution and loose credit may promote a moderate rebound in prices.

Industry rotation is accelerating, and it is recommended to focus on new tracks and undervalued sub-sectors. Key industries include defense and military, A1 computing power, semiconductors, humanoid robots, non-ferrous metals, transportation, brokerage firms, and innovative pharmaceuticals.