降息落地不等于降息结束，港股科技板块上行仍有驱动

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing a decline despite previous expectations of interest rate cuts, which may have already been priced in by the market [1] Market Performance - As of September 23, the Hang Seng Index fell by 0.97%, the Hang Seng Tech Index dropped by 2.20%, and the Hang Seng China Enterprises Index decreased by 1.17% [1] - The half-day trading volume was HKD 165.23 billion [1] - The Hong Kong Stock Connect Technology ETF (159101) saw a decline of 1.83%, with key components like Bilibili-W and Hua Hong falling by 4.45% and 4.08% respectively [1] Interest Rate Outlook - The market had anticipated the recent interest rate cut, but the release of the dot plot indicates that officials expect two more rate cuts by 2025 [1] - The ongoing expectation of rate cuts is seen as a significant driver for the Hong Kong stock market and the tech sector [1] Impact on Technology Companies - Hong Kong tech companies rely heavily on overseas financing, and the interest rate cut will reduce the cost of USD-denominated debt, improving cash flow [1] - Companies are expected to increase R&D investments, enhancing long-term competitiveness, while reduced financial expenses may boost profit margins [1] - A weaker USD during the rate cut cycle will enhance the value of overseas revenues when converted to HKD/RMB, benefiting profit margins, especially in sectors like internet exports and hardware [1] Relevant ETFs - The Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain [1] - The Hang Seng Internet ETF (513330) focuses on leading internet companies [1]