港股有望承接外溢的海外流动性，港股通科技ETF基金（159101）震荡翻红

Core Viewpoint - The market widely anticipates that the Federal Reserve will initiate a rate cut cycle in September, which will significantly benefit the Hong Kong stock market's technology and internet sectors through improved global liquidity, attracting capital inflows, suppressing dollar interest rates, and boosting valuations [1] Group 1: Market Impact - Rate cuts will lead to increased market liquidity, favoring international capital to flow into higher-risk assets, with the Hong Kong stock market likely to attract excess overseas liquidity [1] - The technology sector in the Hong Kong stock market is currently undervalued historically and includes core assets in China's AI sector, enhancing its appeal to foreign capital [1] Group 2: Economic Indicators - According to Zheshang Securities, the release of U.S. non-farm payroll data has heightened recession pressures in the U.S., revealing side effects from Trump's policies, making rate cuts by Q4 2025 almost inevitable [1] - Inflation uncertainty is a key factor influencing the pace of rate cuts, with the U.S. potentially entering a stagflation-like scenario, posing a risk of correction for U.S. stocks [1] Group 3: Investment Catalysts - It is confirmed that rate cuts will be a crucial catalyst for foreign capital returning to the Hong Kong stock market and even the A-share market, with a weak dollar environment likely to lead to a strong upward trend for indices like the Hong Kong Technology Index and Hang Seng Technology Index [1]