恒生科技指数跌超2%，机构：港股四季度有望续创新高，其中恒生科技空间最大

Core Viewpoint - The Hong Kong stock market, particularly the Hang Seng Technology Index, is experiencing a downturn, but there are expectations for a rebound in the fourth quarter driven by external factors such as interest rate cuts and increased foreign investment [1]. Group 1: Market Performance - On October 10, the Hong Kong stock market indices opened lower, with the Hang Seng Technology Index dropping over 2% [1]. - The Hang Seng Technology Index ETF (513180) followed the index's downward trend, with major holdings like SMIC, Baidu, Kuaishou, NIO, Sunny Optical, Alibaba, and ASMPT leading the declines [1]. Group 2: Future Outlook - The report from Guotai Junan suggests that the technology sector in Hong Kong will benefit from current industry trends, with potential for foreign capital to return exceeding expectations due to the backdrop of Federal Reserve interest rate cuts [1]. - The report highlights that Hong Kong's internet giants are expected to benefit from the AI narrative, with the structural advantages of Hong Kong assets likely to become more pronounced [1]. - With the anticipated continuation of interest rate cuts by the Federal Reserve, there is a possibility of increased foreign capital inflow into Hong Kong stocks, especially if the liquidity environment improves and U.S.-China trade relations stabilize [1]. - The report also indicates that southbound capital is likely to continue flowing into the market, with institutional support potentially driving further increases in Hong Kong stocks [1]. Group 3: Investment Opportunities - If the valuations of technology leaders in Hong Kong are corrected to the average valuation levels of their constituent stocks, the Hang Seng Technology Index could see an increase of approximately 15% in the future [1]. - As of October 9, the Hang Seng Technology Index ETF (513180) has recorded a net inflow of 82.37 million yuan over three consecutive trading days, indicating strong investor interest in the sector [2].