The earnings season for Hong Kong stocks is coming to an end. Fang Weichang, the investment director of Barling Hong Kong A-shares, said that the market is not paying much attention to the profit growth and net interest margin of domestic banks, mainly because there are no expectations. However, the stock prices of domestic banks remain stable, reflecting that funds are not very concerned about the fundamentals. Funds are buying domestic banks not for growth, but for dividends, so mid-term dividends will become a positive factor for the sector. He predicts that the Hong Kong stock market will maintain a range-bound trading pattern. Fang Weichang pointed out that although the overall performance of Chinese stocks is mixed, there have been a large number of buybacks in the market and funds are flowing back in, which helps stabilize the market. However, with policy news being relatively quiet after the Third Plenum, the pressure of net outflows from Chinese stocks may ease once the US starts cutting interest rates. This will not only improve the atmosphere in the Hong Kong market, but also create more room for China's monetary policy and be beneficial for the introduction of additional fiscal policies. He believes that when selecting domestic bank stocks, one should focus on their exposure to real estate and local government debt. The scale of investment in domestic bank stocks by his fund is relatively large, and their business is more diversified, so he will continue to adopt a balanced allocation strategy. Additionally, he revealed that he has recently increased his holdings in pharmaceutical stocks, as the US interest rate cuts will benefit biotechnology stocks, especially companies that are not yet profitable.