The South China Morning Post's analysis indicates that while state-backed "national team" buying provides a floor for mainland Chinese equities, Hong Kong investors are concerned about navigating high market volatility during a sensitive period. Factors fueling these concerns include geopolitical tensions, weak corporate earnings growth, underperformance in AI-related trades, potential monetary policy tightening by the US, and supply overhang pressure from an impending wave of expiring stock lock-ups. Furthermore, the renewed outbreak of military conflict in the Middle East has exacerbated investor unease.