Zhi Tong Cai Jing·2025-09-19 01:44Group 1 - The Hang Seng Index opened up 0.14%, with the Hang Seng Tech Index rising by 0.44%, indicating a rebound in tech stocks, including NIO up nearly 4%, JD Group and SMIC up over 2%, and Trip.com up over 1% [1] - Goldman Sachs maintains an overweight rating on A-shares and H-shares, suggesting to buy on dips and focusing on themes such as leading private enterprises, artificial intelligence, anti-involution, and shareholder returns [1] - Multiple institutions have released reports indicating that the current interest rate cut cycle by the Federal Reserve is different from previous ones, with A-shares and H-shares expected to perform well [1] Group 2 - Huaxin Securities reports that the restart of the Federal Reserve's interest rate cut cycle, in the context of a weak economy, is expected to be deeper and longer, leading to a trend of opportunities in rate cut trading [2] - According to Zhongyin Securities, the Hong Kong stock market is expected to benefit in the short term from the dual catalysts of global liquidity shift and domestic profit inflection points during the interest rate cut cycle [2] - The overall valuation of the Hong Kong market is at a relatively low level globally, with the AH premium remaining within a reasonable range, indicating continued investment value in Hong Kong stocks [2] Group 3 - The current macro and market environment is more favorable for Hong Kong stocks, with structural highlights such as stable returns from dividends and new consumption, AI technology, and innovative pharmaceuticals [3] - The contradiction of excess domestic liquidity and a lack of good assets is driving continuous inflow of southbound funds into Hong Kong stocks [3] - Future market recovery will depend on corporate profit restoration, which is driven by effective fiscal policies and a reversal in the credit cycle [3]