美联储降息预期叠加中报季催化，恒生科技低位具备较大向上动能

Group 1 - Hong Kong stock indices experienced collective fluctuations and declines, with the Hang Seng Tech Index ETF (513180) following suit, led by declines in companies such as Midea Group (000333), Meituan, BYD (002594), and Xiaomi Group [1] - The Federal Reserve decided to maintain interest rates for the fifth consecutive time, keeping the federal funds rate target range at 4.25% to 4.50%. Some institutions believe that the Fed may lower rates within the year due to signs of economic weakening in the U.S. [1] - According to Citic Securities, the mid-year report for Hong Kong stocks in 2025 is expected to show a "steady main, upward elasticity" pattern, with positive earnings expectations in the pharmaceutical, technology, and new consumption sectors [2] Group 2 - The Hong Kong stock market will officially enter the mid-year reporting season in August, with Tencent Holdings expected to announce its mid-year results on August 13 and Xiaomi Group on August 19 [2] - The Hong Kong Consumption ETF (513230) covers e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [5] - The Hang Seng Tech Index ETF (513180) includes core AI assets and encompasses leading hard technology companies that are relatively scarce in A-shares [5]