美联储降息如期落地港股主题ETF成资金风向标

Group 1: Market Performance - The domestic semiconductor industry chain showed strong performance last week, with companies like Zhongwei and SMIC rising over 20% and 10% respectively, and several ETFs tracking semiconductor materials and equipment gaining over 7% [1][2] - The automotive and gaming sectors also performed well, with companies such as Sanhua Intelligent Control and CATL increasing over 20% and 13%, respectively, while related ETFs rose by more than 5% [2] - Conversely, sectors like precious metals, rare earths, and large financials experienced declines, with some ETFs in these categories dropping over 4% [2] Group 2: ETF Trading Activity - Following the Federal Reserve's interest rate cut, trading activity in Hong Kong-themed ETFs surged, with the E Fund Hong Kong Securities Investment ETF exceeding 66 billion yuan in trading volume [2][3] - Significant net inflows were observed in ETFs tracking securities companies and Hong Kong internet indices, with net inflows exceeding 10 billion yuan for several leading products [3] Group 3: Market Style and Trends - The market is expected to undergo a structural shift in the fourth quarter, with a potential rebalancing of market styles, favoring cyclical sectors that have lagged behind [4] - The technology sector may see a transition from a focus on upstream computing hardware to a broader spread across various AI-related subfields, including storage and AI applications [4] - The recent interest rate cut by the Federal Reserve is viewed as a preventive measure, with implications for equity assets and industrial metals, while the impact on domestic policies in A-shares and Hong Kong stocks is expected to be limited [4]