离岸人民币急涨400点，为何港股无动于衷？

Group 1 - The offshore RMB experienced a significant appreciation, rising from 7.15 to around 7.11, with an intraday increase of nearly 400 basis points [1] - Two main reasons for this appreciation are identified: first, the Federal Reserve's support for a 25 basis point rate cut in September and further cuts expected in the next 3 to 6 months, which tends to strengthen other currencies [1] - Second, the recent bullish trend in the A-share market has created a noticeable profit effect, increasing demand for RMB and attracting foreign capital, which further supports the exchange rate [1] Group 2 - The performance of the Hang Seng Index and the Hang Seng Tech Index has shown a divergence from the RMB's stability, indicating a potential adjustment phase for the Hong Kong market [1] - Despite the RMB's significant rise, the Hang Seng Index only saw a slight increase of 0.43%, and the Hang Seng Tech Index remained flat, suggesting that the Hong Kong market is under notable adjustment pressure [4] - Historically, A-share bull markets have been driven by the Hong Kong market, but the current situation raises questions about the sustainability of A-shares if Hong Kong does not respond positively [4]