美联储降息预期提升，港股或有走强预期，关注港股科技ETF

Core Viewpoint - The Hang Seng Index experienced a significant increase, closing at 25,617.42 points with a rise of 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 [1] Market Performance - The Hang Seng Index opened high on September 1 and maintained strong performance throughout the day, with notable gains in technology, pharmaceuticals, and materials sectors [1] - Alibaba's mid-term earnings report exceeded market expectations, with cloud intelligence service revenue growing by 26% year-on-year, reinforcing the growth narrative driven by AI [1] Valuation and Comparison - 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] - 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] Sector Strength - The composition of Hong Kong stocks, particularly in technology and pharmaceuticals, is seen as advantageous compared to A-shares, with a higher concentration of growth stocks [1] - The improving sentiment in AI internet and innovative pharmaceuticals sectors is expected to support further upward movement in Hong Kong stocks, with potential for valuation increases [1] Investment Recommendation - Investors are encouraged to maintain focus on Hong Kong technology ETFs, particularly those encompassing internet, semiconductors, innovative pharmaceuticals, and new energy vehicles [2]