Mei Ri Jing Ji Xin Wen·2025-08-26 03:19Group 1 - The Hang Seng Technology Index opened lower but rebounded, indicating a potential shift in market sentiment as major tech stocks like Meituan and Alibaba are set to release significant earnings reports this week [1] - Citic Securities highlighted that the mid-year earnings season in August is a crucial point for the Hong Kong stock market, suggesting a transition from liquidity-driven to performance-driven market dynamics [1] - The report from Industrial Securities emphasized that the Hong Kong internet sector has underperformed compared to the A-share TMT chain since June, but multiple rebound catalysts exist, including potential US interest rate cuts and accelerated capital expenditures by major firms [1] Group 2 - The expectation of a rate cut by the Federal Reserve in September has increased, which may lead to improved global liquidity benefiting the high-growth, high-elasticity Hong Kong tech sector [2] - The Hang Seng Technology Index remains in a historically undervalued range, with a higher sensitivity to changes in the China-US interest rate differential, suggesting it could benefit significantly from a loose overseas liquidity environment [2] - The previous underperformance of the Hong Kong tech sector relative to A-shares may result in stronger upward momentum and a potential "catch-up" rally as liquidity narratives improve [2]