建信基金：降息叠加AI催化下，港股迎来补涨契机

Group 1 - The core viewpoint is that the Hong Kong stock market is expected to enter a new round of rebound driven by the Federal Reserve's interest rate cuts and AI catalysts, following a strong performance since September 2025 [1][2] - The HIBOR interest rate had risen in mid-August but has since declined, alleviating liquidity constraints in the Hong Kong stock market, which is now benefiting from a weaker US dollar and the anticipated US rate cut cycle [1][2] - The valuation of Hong Kong's technology, electronics, and innovative pharmaceutical sectors remains attractive, with the Hang Seng Technology Index's forward P/E ratio at only 15 times, significantly lower than major global tech indices [2] Group 2 - The net inflow of southbound funds has exceeded 1 trillion RMB this year, indicating a growing enthusiasm from mainland investors for Hong Kong stocks, particularly due to the low valuation attractiveness of the tech sector [2] - The Hang Seng Technology Index's recent gains are seen as a corrective rebound relative to A-shares, with expectations that HIBOR will continue to decline alongside the Fed's rate cuts, benefiting liquidity-sensitive sectors [2][3] - The upcoming Federal Reserve meeting in October may influence the comparative advantage of Hong Kong stocks over A-shares, depending on the effectiveness of rate cuts in stimulating the US economy and managing inflation [3] Group 3 - A new initiative titled "High-Quality Development Series Activities" has been launched in Beijing, involving over forty public fund managers and institutions, aimed at enhancing investor education and promoting the transformation of the public fund industry [3]