机构：流动性压制减弱后，恒生科技有较大概率跟随A股科技板块补涨

Group 1 - The Hong Kong stock market showed a low opening but recovered, with the Hang Seng Tech Index narrowing its decline to around 0.2% [1] - The largest ETF tracking the Hang Seng Tech Index (513180) experienced a slight drop, with notable declines in stocks like NIO, ASMPT, Hua Hong, SMIC, Li Auto, Meituan, and Alibaba, particularly NIO which fell over 6% [1] - Longcheng Securities noted a correlation between Hong Kong bank reserves and the performance of the Hang Seng Tech and STAR 50 indices, indicating that when bank reserves fluctuate less, both indices tend to perform similarly [1] Group 2 - There is a significant increase in expectations for a rate cut by the Federal Reserve in September, which may lead to improved global liquidity benefiting the Hong Kong stock market, particularly the high-growth tech sector [2] - The Hang Seng Tech Index is currently in a historically undervalued range and is highly sensitive to changes in the US-China interest rate differential, making it likely to benefit from a more accommodative overseas liquidity environment [2] - Given the previous underperformance of the Hang Seng Tech Index compared to the A-share tech sector, there is potential for a strong upward momentum and a "catch-up" rally in the context of improving liquidity narratives [2]