四季度港股“剧本”或先抑后扬，高弹性恒生科技指数ETF（513180）向上动能充足

Group 1 - The Hong Kong stock market indices collectively rose, with the Hang Seng Technology Index experiencing a slight narrowing in its gains. The largest ETF in the same sector, the Hang Seng Technology Index ETF (513180), saw an intraday increase of over 1.5%, with leading stocks including XPeng Motors, JD Group, and BYD Company [1] - The automotive ETF (159323) in the Hong Kong Stock Connect rose over 2%, with leading stocks such as XPeng Motors, Beijing Jingcheng Machinery Electric Company, Yihua Energy, Weichai Power, Ganfeng Lithium, and BYD Company [1] - Guoyuan International stated that following the Federal Reserve's potential interest rate cuts, domestic policies may follow suit, supporting the valuation of Hong Kong stocks. The expectation of policy support is seen as a pillar for the long-term resilience of the Hong Kong market [1] Group 2 - According to China Merchants Securities, the Hong Kong market is expected to show a pattern of initial decline followed by recovery in the fourth quarter. In the short term, the market may continue to experience fluctuations due to a lack of incremental positive news [2] - However, with the Federal Reserve's interest rate cuts likely to attract foreign capital, upcoming policy meetings expected to boost market risk appetite, and breakthroughs in China's AI industry, multiple marginal benefits are anticipated to accumulate, potentially leading to an upward trend in the Hong Kong market [2] - As of October 13, the latest valuation (PETTM) of the Hang Seng Technology Index ETF (513180) was 23.36 times, which is approximately 31.75% of the valuation percentile since the index's inception, indicating it remains in a historically undervalued range, suggesting greater upward momentum due to its high elasticity and growth characteristics [2]