港股在降息潮中表现出色的原因分析

Group 1: Market Performance - The Hong Kong stock market has shown a significant rebound in September, with the Hang Seng Index achieving a cumulative increase of 5.85%, contrasting with a 0.98% decline in the Shanghai Composite Index during the same period [1] - The unique offshore market characteristics and high foreign capital participation of the Hong Kong stock market have made it increasingly attractive amid a global interest rate cut environment [1] - Historical data indicates that preemptive interest rate cuts tend to have a positive impact on stock assets, emphasizing the resilience of the Hong Kong stock market [1] Group 2: AI Industry Impact - The development of the AI industry has been a crucial driver for the rise of the Hong Kong stock market, with significant advancements in both hardware infrastructure and software applications since 2025 [2] - Major internet companies in Hong Kong have begun self-developing chips for AI training, achieving performance levels comparable to overseas counterparts [2] - Alibaba's cloud computing revenue growth rate reached 26%, Tencent's profit increased by 16%, and Xiaomi's automotive business revenue hit 21.3 billion yuan with a year-on-year growth of 234%, providing strong support for the tech sector in Hong Kong [2] Group 3: Capital Inflows - Net inflows of southbound funds have exceeded 1.1 trillion Hong Kong dollars this year, marking a record high since the establishment of the mutual market access mechanism [2] - The narrowing of the Hong Kong-US interest rate differential has led to a gradual recovery of the Hong Kong dollar, prompting international investment banks to upgrade their ratings for Hong Kong stocks [2] - Major investment banks like Goldman Sachs, Standard Chartered, and Morgan Stanley have given positive evaluations of the Hong Kong stock market, particularly in sectors like AI and semiconductors [2] Group 4: Valuation Advantage - As of September 17, 2023, the price-to-earnings ratio of the Hang Seng Tech Index was only 24.24 times, significantly lower than the NASDAQ Tech Index at 36.66 times and the STAR 50 Index at 177.25 times, highlighting the valuation advantage of Hong Kong tech stocks [3] - The Hang Seng Tech ETF (513130) has a strong liquidity profile, with an average daily trading volume of 4.8 billion Hong Kong dollars over the past three months, making it suitable for investors focusing on the AI industry [3] - The Hong Kong Stock Connect Tech ETF (513150) focuses on internet, new energy vehicles, and biotechnology sectors, offering a cost-effective and policy-friendly investment option for long-term investors [3]