Haitong International executive committee member and chief economist Zhang
Yidong said in a new report that, after risk release from the Middle East
conflict, elevated US Treasury yields and South Korea’s second‑round regulatory
deleveraging, markets could begin to turn as early as early August. He judges
China’s core equity assets have entered a left‑side accumulation window and may
launch an autumn rally starting in August, with Hong Kong stocks possibly
stabilizing ahead of offshore peers. A‑shares and Hong Kong stocks, which began
adjusting in mid-May, have already priced in some risks and have largely
confirmed a bottom, now trading in low‑volume consolidation and base‑building
mode.
