Due to the accelerated growth in China's electricity consumption, Citigroup has raised its target for the Hang Seng Index by 3.5% to 20,500 points by the end of 2024 and set a new target of 22,000 points by the first half of 2025. Citi Group's China stock strategist Liu Xianda stated that he is optimistic about stocks that will benefit from export growth and rising commodity prices. He expects the Third Plenum to bring about 8 catalysts, with probabilities including structural reforms, cross-border trade development, state-owned enterprise reforms, real estate easing, addressing overcapacity issues, responding to an aging population, consumer recovery, and encouraging private enterprises. From an industry perspective, Liu Xianda is more inclined towards technology, industry, basic materials, and the internet. Liu Xianda mentioned that unlike his stance in 2023, he is more bullish on H shares rather than A shares in 2024 as they are more sensitive to the Fed rate cuts. His top stock picks include Pinduoduo (PDD.US), ASMPT (00522), BYD Company Limited (00669), Aluminum Corporation of China Limited (02600), MGM China Holdings Limited (02282), Li Ning Company Limited (02331), and BYD Company Limited (01211).