中国资产狂欢！港股科技50ETF（159750）持续吸金

Core Viewpoint - The expectation of a Federal Reserve interest rate cut has led to a significant increase in Chinese assets, with the Nasdaq Golden Dragon China Index rising by 0.87% overnight, and notable gains in companies like Li Auto and Bilibili exceeding 6% [1]. Group 1: Market Trends - Overseas active funds have returned, with EPFR data showing a net inflow of $6.402 million into Hong Kong stocks and ADRs as of September 10, marking a return after five weeks [2]. - The Hong Kong Technology 50 ETF (159750) has seen a net inflow of 117 million yuan over the past 20 days [3]. - The Hang Seng Index has increased by 30% this year, attracting widespread attention, but global stock markets are generally rising due to the depreciation of the dollar and falling oil prices [3]. Group 2: Financial Conditions - Global financial liquidity is expected to remain loose, driven not only by the anticipated Fed rate cut but also by coordinated global fiscal and monetary policies and deregulation in the U.S. financial sector [3][16]. - The Hong Kong stock market, as an offshore RMB asset, benefits from abundant global liquidity and the return of foreign capital [16]. Group 3: Sector Performance - The Hong Kong Technology Index (CNY) covers 50 large-cap, high R&D investment, and high revenue growth technology companies across various sectors, including internet, new energy vehicles, innovative pharmaceuticals, electronics, and semiconductors [6]. - As of September 12, 2025, the Hong Kong Technology Index has a latest valuation of 23.87 times PE, which is at the 13.82% historical percentile [9]. Group 4: Investment Insights - Analysts suggest that while the Fed's rate cut may benefit the Hong Kong stock market in the short term, the medium-term growth will depend on the recovery of corporate fundamentals [16]. - There is a notable increase in incremental funds favoring leading technology and internet stocks, with a focus on individual stock logic [16].