Zheng Quan Shi Bao Wang·2025-09-21 06:19Core Viewpoint - The Federal Reserve's decision in September aligns with market expectations, impacting risk preferences in the A-share market and indicating potential short-term volatility and long-term benefits for A-shares due to anticipated interest rate cuts [1] Group 1: Short-term Impact on A-share Market - Short-term, risk premiums are expected to narrow as the market has already priced in rate cuts, leading to potential volatility after expectations are met [1] - Global equity markets may face short-term fluctuations due to the partial realization of rate cut expectations [1] Group 2: Medium to Long-term Analysis - Long-term, the anticipated rate cuts by the Federal Reserve are likely to benefit A-share performance, with the renminbi expected to strengthen passively, improving risk appetite [1] - The appreciation of the renminbi may alleviate foreign investors' concerns regarding exchange rate fluctuations, enhancing the attractiveness of the A-share market [1] Group 3: Structural Changes in A-share Market - In terms of sector performance, technology growth, high dividend, and interest rate-sensitive sectors are expected to be the main beneficiaries of the current market conditions [1] Group 4: Impact on Hong Kong Market - Liquidity in the Hong Kong market is expected to improve due to declining Hong Kong dollar interest rates and the return of foreign capital [1] - A structural shift in fund allocation is noted, with foreign investments focusing on technology, finance, and certain consumer and manufacturing sectors, particularly in technology and pharmaceuticals [1]