美联储降息预期日渐强烈，港股未来或有走强预期，关注港股科技ETF（513020）

Core Viewpoint - The Hang Seng Index experienced a significant rebound on September 1, closing at 25,617.42 points, up 2.15%, driven by strong performances from major constituents like Alibaba, WuXi Biologics, and Zijin Mining, indicating a positive outlook for Hong Kong stocks amid easing external conditions and strong fundamentals [1]. Market Performance - The Hang Seng Index opened sharply higher and maintained high-level fluctuations throughout the day, with Alibaba-W surging 18.50%, WuXi Biologics rising 8.37%, and Zijin Mining increasing by 7.74% [1]. - The Hang Seng Technology Index currently has a price-to-earnings ratio of 21.23, which is below the historical 20% percentile, suggesting a more reasonable valuation compared to A-shares [1]. Economic Environment - Expectations of interest rate cuts by the Federal Reserve are contributing to a more accommodative external environment, which is likely to support further strength in Hong Kong stocks [1]. - Historically, during periods of RMB appreciation, the median annualized return of the Hang Seng Index reached 36.5%, outperforming the 29.8% of the CSI 300 [1]. Company Fundamentals - Alibaba's recent interim performance report exceeded market expectations, with cloud intelligent services revenue growing by 26% year-on-year, reinforcing the narrative of AI-driven profit growth [1]. - The composition of Hong Kong stocks, which includes a higher proportion of growth stocks in technology and pharmaceuticals, provides a structural advantage over A-shares [1]. Investment Recommendations - Investors are encouraged to maintain focus on Hong Kong technology ETFs, which encompass sectors such as internet, semiconductors, innovative pharmaceuticals, and new energy vehicles [2].