全球流动性依然偏宽松，港股市场吸引力持续提升

Core Viewpoint - Global monetary growth is increasing, and a depreciating US dollar indicates continued global financial liquidity easing [1] Group 1: Global Monetary Trends - The US financial deregulation, continued interest rate cuts by the Federal Reserve, expansion of stablecoins, adjustments in government bond durations, and fiscal expansions in many countries are likely to further enhance global monetary growth [1] - Global liquidity remains relatively loose, with the US dollar index having further downward potential [1] Group 2: Impact on Financial Markets - The easing of global liquidity suggests a demand for increased asset allocation, particularly flowing into China and the offshore market in Hong Kong [1] - Despite significant rebounds earlier this year, the valuation levels of Chinese assets remain relatively undervalued from a PB ROE perspective, indicating potential value [1] - The Chinese yuan is considered undervalued, with potential for further appreciation, which may enhance the attractiveness of the Hong Kong stock market [1] Group 3: Sector-Specific Insights - Key sectors in the Hong Kong market include: - Technology and Internet: Hang Seng Internet ETF (513330) [1] - Consumer Leaders: Hong Kong Consumer ETF (513230) [1] - Pharmaceutical Leaders: Hang Seng Pharmaceutical ETF (159892) [1]