Kaiyiu Asia released the global market outlook for the second half of 2024, with the Hang Seng Index starting at a low point of 14794 points this year. The basic expectation is for the Hang Seng Index to target 20900 points in the next 6 months, slightly higher than the target of 19260 points given by the bank at the end of last year. The corresponding forecasted P/E ratio is 10.22 times, still lower than the average P/E ratio of the Hang Seng Index over the past ten years, indicating that the market still has upward momentum. Externally, Kaiyiu Asia expects inflation data to decline again in the second quarter of this year, and the labor market will continue to slow down. Market expectations are for interest rate cuts to begin in the fourth quarter of this year, with a possibility of 1 to 2 interest rate cuts throughout the year. The focus of observing the U.S. economy in the second half of the year will be on the presidential election, and attention should also be paid to changes in U.S.-China relations and whether other countries will follow the United States' lead. Faced with various geopolitical variables, capital markets are bound to experience fluctuations in the second half of the year. The bearish factor is still that "China remains a focal point in the political agenda of the U.S. presidential election." Kaiyiu Asia believes that the balance of power in the second half of the year will shift slightly towards favorable factors, including the accelerated combination of real estate policies in the mainland of China, active dividend payments by state-owned enterprises, the inflow of mainland funds and external funds into Hong Kong stocks with relatively low valuations. Kaiyiu Asia recommends keeping an eye on five major themes in Hong Kong stocks, including economic recovery benefiting operations, loosening of real estate policies, reform of state-owned enterprises yielding returns, continued growth in electricity demand, and actively expanding business overseas. In addition, Kaiyiu Asia lists 11 focus stocks for the second half of the year and their target prices, including Tencent (00700) (450 Hong Kong dollars), Hong Kong Exchanges and Clearing (00388) (303 Hong Kong dollars), China Ping An Insurance (02318) (42 Hong Kong dollars), Haier Smart Home (06690) (32 Hong Kong dollars), China Unicom (00762) (7.3 Hong Kong dollars), Construction Bank (00939) (6.3 Hong Kong dollars), China Resources Power (00836) (25 Hong Kong dollars), Dongfang Electric (01072) (14.6 Hong Kong dollars), Anta Sports (02020) (94 Hong Kong dollars), Ctrip (09961) (460 Hong Kong dollars), and Pop Mart (09992) (45 Hong Kong dollars).