StanChart's North Asia Chief Investment Officer Zheng Zifeng pointed out that if mainland China's policies bring additional surprises, the pace of rate cuts by the Federal Reserve is more aggressive than expected, or the escalation of tensions between the US and China before the US election is less than feared, the range of fluctuations in the Hang Seng Index may move up to the bank's latest optimistic forecast of 20,000 to 22,000 points. Zheng Zifeng stated that the performance of the Hang Seng Index in the first half of the year was like a roller coaster, with a 12% decline in January, falling below 15,000 points. After mainland China announced new measures to support the real estate market, Hong Kong stocks regained lost ground, with a cumulative rebound of over 30%, reaching a high of 19,636 points in mid-May. Currently, economic data is mixed, and the market is in a consolidation phase. Support from national policies is expected to limit the downside of Hong Kong stocks. The bank's latest basic forecast indicates that the fluctuation range of the Hang Seng Index over the next 12 months will be between 18,000 and 20,000 points (which is the previous optimistic forecast range of the bank), but attention should also be paid to the gradually increasing geopolitical risks and important elections globally. In addition to recommending a balanced and diversified basic allocation strategy, Zheng also suggests investors pay attention to opportunistic investment strategies, including high dividend non-financial state-owned enterprise stocks, US communication services and technology stocks, Japanese bank stocks, large Indian stocks, and Chinese Taiwanese stocks.