这是我们2022年3月21日的报告《洪灝｜技术修复还可以走多远？》的英文原版《An Oversold Reprieve: How Far will it Go?》。感谢阅读。请点击页底左下方“阅读原文”，或扫描文章底部所附二维码下载我们报告PDF完整版。----------------------“When all the dreams drain, same are loss and gain.” – The Romance of Three KingdomsKey Points - Hong Kong’s selloff and reversal last week were epic, but onshore less so. - Short sellers onshore are wrongfully blamed, as they have been cutting positions. Net long on margin peaked with the onshore market around mid 2021, and had since entered a deleveraging phase. It will still weigh on indices. - An onshore leverage cycle is typically ~3 years, consistent with the wavelength of 3 to 4 years in our theory of China’s economic cycle.- On October 20, 2018, there
………………………………
