Hong Kong stocks welcome three marginal positive factors in the fourth quarter. Institutions suggest positioning for a "turnaround in consumption distress." In its fourth-quarter strategy report, China Merchants Securities International clearly pointed out that the Fourth Plenum is expected to release a number of incremental policies, which will form marginal positive factors for the Hong Kong stock market and serve as one of the key drivers supporting the market shift from volatility to an upward trend. Last Thursday, the Fourth Plenum of the 20th Central Committee of the Communist Party of China concluded successfully, and the proposals for the "15th Five-Year Plan" far exceeded market expectations.

They believe that this meeting has five major positive aspects that exceeded expectations: the main tone is more pragmatic, more seriously clarifying the problems faced in development, and economic construction has returned to the center. The market, based on the expressions of the "anti-corruption" campaign and "common prosperity," as well as the international geopolitical environment, was concerned about "politics > economy, national security > economic development"; however, the meeting explicitly added the expression of "adhering to economic construction as the central task," returning to pragmatism and clarifying the challenges and risks faced in development. Industrial upgrading has become more urgent, with clear and specific goals for economic transformation, focusing on self-reliance and self-strengthening in technology. The market expected industrial policies to be broad and vague; in reality, the urgency of industrial upgrading has significantly increased, with more specific and clear goals for economic transformation, emphasizing self-reliance and self-strengthening in technology.

The importance of demand-side policies has significantly increased, with greater emphasis on supporting the construction of a livelihood security system. The market previously worried that policies were limited to the supply side, with insufficient support for demand; however, the plan prominently emphasized "vigorously boosting consumption," focusing on livelihood security while expanding domestic demand.