Guotai Haitong chief strategist Fang Yi says Hong Kong equities are likely to enter a liquidity relief window from mid‑late July through mid‑September. He cites an IPO lull lasting into end‑September and the early‑July lock‑up peak having passed, though large subsequent share unlocks of more than HKD30bn remain. He also sees rising odds of downward revisions to overseas rate‑hike expectations as Strait of Hormuz shipping has improved since June and oil prices have retreated, easing US imported‑i

Japan's Nikkei 225 opened 226.26 points lower, down 0.33% at 68,331.47 points on Monday, July 13.

BOC Securities says debate over a "growth-to-value rotation" has intensified but concludes K-shaped fundamental divergence has not reversed and conditions for a style switch are insufficient. Cloud providers' capex remains on an upward path and global semiconductor sales continue to expand, indicating the AI cycle is still trending higher. Recovery in traditional cyclical sectors is heavily policy-dependent; current macro policy is focused on "consolidating fundamentals" with limited urgency or room for broad aggregate stimulus, leaving traditional sectors without systemic earnings elasticity. Growth therefore retains a relative earnings advantage, and the market is in a consolidation phase rather than at a bull–bear regime turning point.