On July 12, Wang Xinyi, Capital Market Director and Chief Investment Officer of Ping An Asset Management (Hong Kong), stated that the Hang Seng Index is forecasted to reach 19,500 points in the next 12 months, equivalent to a forecasted P/E ratio of 9.5 times, mainly due to the continued weak economic recovery; the trend of outflows of foreign funds slowing down and southbound funds continuing to support the Hong Kong stock market; as well as gradual stabilization of the property market fundamentals and companies' profits beginning to rebound. Wang Xinyi pointed out that in an optimistic scenario, the Hang Seng Index is forecasted to reach 22,150 points in the next 12 months, equivalent to a forecasted P/E ratio of 10.5 times, mainly based on the possibility of unexpectedly strong macroeconomic and industrial policies, including economic reforms and real estate control measures; further monetary and fiscal stimulus beyond expectations, resulting in sustained improvement in macroeconomic data and corporate profits; continued reduction of underweight positions of foreign funds on Hong Kong stocks and increasing southbound investment in the Hong Kong stock market. As for the pessimistic scenario, Wang Xinyi forecasted the Hang Seng Index to reach 16,800 points in the next 12 months, equivalent to a forecasted P/E ratio of 8.5 times, mainly based on the spread of risks in the property market; policy execution strength and speed not meeting expectations.