Sou Hu Cai Jing·2025-09-01 01:55Group 1 - The Hang Seng Technology Index opened up over 1.5% on September 1, with leading stocks like Alibaba, BYD Electronics, SMIC, Baidu, and Alibaba Health showing strong gains, particularly Alibaba which surged over 16% post-earnings [1] - Dongwu Securities believes that the Hong Kong stock market is in a volatile upward trend, with both upward momentum and downward resistance, and suggests continued attention to potential capital allocation [1] - The market has raised expectations for a Federal Reserve rate cut in September following the Jackson Hole meeting, which is expected to boost market rebound and support the logic of catch-up [1] Group 2 - As of August 29, the latest valuation (PETTM) of the Hang Seng Technology Index ETF (513180) is 21.23 times, which is below 82% of the time since the index was launched on July 27, 2020, indicating it is currently in a historically undervalued range [2] - The anticipated Federal Reserve rate cut and Alibaba's better-than-expected earnings report are catalysts that could provide upward momentum for the Hang Seng Technology Index, which is characterized by high elasticity and growth [2] - Investors without Hong Kong Stock Connect accounts can consider the Hang Seng Technology Index ETF (513180) as a way to gain exposure to core Chinese AI assets [2]