南向资金持续涌入，美联储降息预期居高不下，内外资共振下港股有望震荡向上

Group 1 - The Hong Kong stock market indices collectively rose, with technology stocks performing well and semiconductor sector showing signs of recovery [1] - Southbound capital has continuously flowed into Hong Kong stocks, with a cumulative net inflow of 10064.35 billion HKD this year, surpassing last year's total and reaching the highest level since the launch of the mutual market access mechanism [1] - Alibaba has seen a continuous increase in holdings for 10 consecutive days, indicating a preference for core assets in the AI sector among southbound funds [1] Group 2 - The expectation of a Federal Reserve interest rate cut is rising, with a 99.3% probability of a 25 basis point cut in the upcoming meeting, which may improve liquidity conditions for Hong Kong stocks [2] - Hong Kong stocks are considered to have a favorable valuation, and the combination of southbound capital inflow and potential Fed rate cuts could lead to positive performance for the indices [2] - The technology sector in Hong Kong, represented by the Hang Seng Tech Index ETF, is currently in a historically undervalued range, with expectations for a "catch-up" rally due to external liquidity and ongoing policy support [3] Group 3 - The "anti-involution" policies and Alibaba's better-than-expected earnings report may lead the Hong Kong technology sector to shift focus back to AI narratives, suggesting a potential for valuation reconstruction [3]