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June 2023 Market Insights

2023-07-10

In June, the market has formed a consensus expectation of weak demand in the domestic market, leading to significant declines in various industries in both Hong Kong and A cities, except for A-share AI related themes. Additionally, the decline in the RMB exchange rate has led to further outflows of foreign investment. At the end of the month, there was some expectation of stimulus in the market, but it was quickly falsified. At present, there are significant problems in the domestic economic structure. In the past few decades, the distribution system and policy framework have led to a much lower proportion of residents' income than the world average. Therefore, various industry-specific promotional fee policies are difficult to achieve effective results in the short term. But we still insist that the business environment of the enterprise has significantly improved compared to last year, and the temporary downturn on the demand side has brought a more reasonable valuation level, providing us with a higher safety cushion for our judgment of business model and long-term growth. The selectable targets on multiple heads have also become wider.

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