JPM's July 21 report: HK's H1 financing hit record HK$281B, southbound funds surged to 23% market share. MXHK trades at 14x PE, 0.5 standard deviation below 10-year average. Financials earnings jumped 15%, index target raised to 13,000. Three themes: August stablecoin licenses, Northern Metropolis trillion investment, high-dividend local stocks. Core thesis: valuation trough + earnings recovery + capital inflows = buy-the-dip opportunity.