关注港股科技ETF（513020）投资机会，流动性改善与AI驱动下的估值修复

Group 1 - The core viewpoint is that during the US interest rate cut cycle, Hong Kong stocks may exhibit better resilience than US stocks, benefiting from improved liquidity and risk appetite, with a focus on TMT, energy, and telecommunications sectors [1] - The current market is primarily characterized by stagflation trading, with a shift towards easing trading scenarios and recession trading scenarios, leading to significant gains in Hong Kong stocks, which are close to the gains seen in easing trading [1] - Before inflation concerns ease, sectors like TMT and energy in Hong Kong stocks are expected to outperform, mainly due to incremental investments from fiscal and tariff negotiations [1] Group 2 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), focusing on technology-related Hong Kong listed companies traded through Stock Connect, covering sectors such as information technology, electronic components, and interactive media and services [1] - The index selects 30 stocks that meet the Stock Connect criteria and have high market capitalization, emphasizing the hardware and application aspects of the artificial intelligence industry chain to reflect the overall performance of AI infrastructure-related listed companies [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Initiated Link A (015739) [1]