According to the latest CITIC Securities research report, although the current share of unclosed short sales in Hong Kong stocks has declined slightly to 2.43% from a high in mid-June, it is still close to a level above the standard deviation of three times the historical average. Internal and external disturbances have gradually abated, and it is expected that there will be plenty of room for decline in the future. Recently, however, there are also obvious signs of pair trading in Hong Kong stocks. In the short term, we still recommend focusing on highly deterministic fundamentals and event-catalyzed directions, including innovative drugs, aviation, robotics, and strong industrial metals.

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