海内外资金面利好共振！恒生港股通科技受青睐

Core Viewpoint - The Hong Kong stock market is experiencing a dual positive funding environment driven by the Federal Reserve's interest rate cut cycle and the influx of mainland capital, leading to a systematic revaluation opportunity for the technology sector [1] Group 1: Federal Reserve Impact - The expectation of "Federal Reserve rate cuts + weaker US dollar" is likely to improve liquidity in the Hong Kong stock market [2] - Historical data shows a significant negative correlation between the Hang Seng Index and the US dollar index, indicating that a declining dollar enhances the attractiveness of non-dollar assets [2][4] - The Federal Reserve is expected to restart rate cuts in September, with predictions of two additional cuts in 2025, which historically correlates with strong performance in the Hong Kong stock market [4][6] Group 2: Influx of Mainland Capital - Since the beginning of the year, net inflows from mainland investors into the Hong Kong stock market have exceeded 950 billion HKD, providing robust liquidity support [6] - The technology sector, including commerce, telecommunications, electronics, media, and computing, has seen the highest net inflows from mainland capital, driven by domestic policies supporting technological innovation and a global recovery in the AI sector [6][9] Group 3: Investment Opportunities - The Hong Kong Stock Connect Hang Seng Technology ETF is positioned to benefit from the dual positive funding environment, focusing on core industries in the technology sector with a high AI content [11] - The index tracking the ETF has a price-to-earnings ratio (PE) lower than 80% of the time over the past five years, indicating a favorable valuation for investors [11]