非农数据走弱，美联储降息箭在弦上，港股补涨可期否？港股互联网ETF（513770）单周再揽5.6亿元

Group 1 - The core viewpoint of the news is that the disappointing U.S. non-farm payroll data has raised recession concerns and increased expectations for interest rate cuts by the Federal Reserve [1] - In August, U.S. non-farm employment increased by 22,000, significantly below the market expectation of 75,000, and the unemployment rate rose to 4.3%, the highest level since the end of 2021 [1] - The market anticipates a 100% probability of a rate cut by the Federal Reserve in September, with a potential reduction of at least 25 basis points, possibly up to 50 basis points [2] Group 2 - Following the expected rate cuts, global liquidity is expected to improve, benefiting the Hong Kong stock market, particularly the high-growth and high-elasticity technology sector [2] - The Hong Kong technology sector is currently undervalued and is highly sensitive to changes in the U.S.-China interest rate differential, making it likely to benefit from a loose overseas liquidity environment [2] - Since June, the Hong Kong technology sector has underperformed compared to the A-share technology sector, but with improving liquidity narratives, it may experience stronger upward momentum and a "catch-up" rally [2] Group 3 - The AH share premium has risen to 127.5%, indicating a resurgence of valuation advantages for Hong Kong stocks [3] - Concerns over earnings have subsided following the release of interim reports, particularly with Alibaba Cloud's performance and capital expenditures exceeding market expectations [3] - The Hong Kong technology market has been primarily driven by AI this year, with the Hong Kong Internet ETF (513770) significantly outperforming the Hang Seng Technology Index by over 10 percentage points in cumulative returns [3] Group 4 - The Hong Kong Internet ETF (513770) has seen substantial inflows, with a net inflow of 557 million yuan last week and over 2.1 billion yuan in the past 20 days [4] - The fund's latest scale exceeds 9.7 billion yuan, with an average daily trading volume of 596 million yuan, indicating good liquidity [7] - The top four holdings in the fund include Xiaomi Group-W, Tencent Holdings, Alibaba-W, and Meituan-W, collectively accounting for 54.74% of the fund's assets [5]