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recently, the hong kong stock market has experienced shocks, like a trial in love. from decline to rebound, from pessimism to optimism, market sentiment is constantly changing, as if waiting for the final answer. market analysts have come out one after another to interpret this turbulent journey.

"the shock in the hong kong stock market has come, and it just verifies the reversal logic, rather than a short-lived rebound," zhang yidong, global chief strategist of industrial securities, said in a live broadcast. he believes that the logic of china's stock market is changing. whether it is a shares or hong kong stocks, the medium-term market trend will shift from rebound logic to reversal logic, which marks that the market has entered a new stage.

from zhang yidong's analysis, the fluctuations in hong kong stocks are mainly due to the dual impact of policy changes and market sentiment. directional changes in policy direction are a key factor, and short positions have also become an important factor.

"after september 24, there was a clear directional change in policy orientation," zhang yidong said. he further pointed out that for a long time in the past, overseas investors had relatively pessimistic expectations about china and accumulated more short positions.

but the market is not static. after the short-squeeze rebound at the end of september, the chinese stock market ushered in new momentum. with the implementation of policy measures and market optimism, the chinese stock market ushered in a new spring.

"the expectation of further increasing fiscal expansion is back on the table," laura wang, chief china equity strategist at morgan stanley, said in an interview, which allowed investors to see the potential of the chinese economy again.

some analysts pointed out that some of the skyrocketing etfs are not large in scale and the market sentiment is too optimistic, and market fluctuations need to be viewed with caution.

in any case, this trial of love will continue, and we will witness the market direction in a new stage.