["Child and Adolescent Mental Health, EarlyView. ", "\n\nBackground\nTo examine whether positive self‐evaluation and contextual variables—such as those created by family, peers and schools—serve as promotive factors or protective factors in the context of adversity.\n\n\nMethods\nData were drawn from two waves of the youth survey of a population‐representative cohort in Hong Kong. Adolescents aged 10–14 (n = 3475) completed questionnaires about positive factors, adverse experiences and mental health at Wave 1 from March 2009 to April 2011, and 2696 of them were followed up at Wave 2 from August 2011 to March 2014. Those who completed both waves were included in the analysis (n = 2171).\n\n\nResults\nPositive self‐evaluation, high family cohesion, positive peer relationship and positive school experience were statistically significantly associated with better behavioural well‐being at Wave 2, with incidence rate ratios (IRRs) of 1.01. Only positive self‐evaluation (IRR: 1.02, 95% CI 1.01–1.03) and positive school experience (IRR: 1.01, 1.00–1.02) were associated with better emotional well‐being in the fully adjusted models. We identified a statistically significant interaction between life stress and positive peer relationships in relation to behavioural well‐being (p = .009). The association between positive peer relationships and behavioural well‐being was only found among adolescents with ≥3 stressful events (IRR: 1.02, 1.01–1.04).\n\n\nConclusion\nAdolescents who possessed a positive sense of self and were nurtured in positive family, peer and school environments tended to exhibit better behavioural or emotional well‐being. Interventions should collaborate with families and schools to actively promote positive self‐evaluation and environments, with a particular emphasis on fostering positive peer relationships to enhance the health and well‐being of adolescents.\n\n"]