Brother Ni asked for authentication to answer the question. Personally, I understand that the main logic of the Hong Kong stock market in recent times is big technology, especially after the release of Deepseek R3 on January 20th, the market began to ferment again. At that time, I saw that the Horizon, which I had been paying attention to, began to strengthen. Personal understanding of several logics: 1) Deepseek's explosive popularity has strengthened the interest of funds in domestic technology and AI; 2) The US stock market should have some foreign investment at high levels, and the flow of funds to Hong Kong stocks should have indicators 3) After Trump took office, he repeatedly expressed his opinion on China. He said that he would reach a great deal with China, and then the Chinese counterattack was 10% lower than expected by the market, which also showed that there was room for negotiation between the two sides, which boosted short-term sentiment. We need to see the progress of the China US negotiations in the near future. If there is easing or effectiveness, there is still room for improvement. However, if there are setbacks in the middle, the Hong Kong stock market will inevitably experience fluctuations. The Hong Kong stock market is greatly influenced by the geopolitical situation between China and the United States, and the policy intensity of the Two Sessions in March also determines the direction, pace, and degree of Dongda's efforts this year. As for China's big technology, my personal understanding is that except for a few high-quality and high growth enterprises, most of them should enter when the market feels it is far away, and exit when the market thinks they are far ahead.