恒生科技早盘高开，机构：港股四季度先抑后扬，结构上继续重点推荐科技/AI及互联网

Group 1 - The Hong Kong stock market opened positively on October 15, with the Hang Seng Index rising by 1.08%, the Hang Seng Tech Index by 1.31%, and the State-Owned Enterprises Index by 1.19% [1] - Technology stocks, gold stocks, and Chinese brokerage stocks saw widespread gains, while innovative drug concepts and automotive stocks were also active [1] - The Hang Seng Tech Index ETF (513180) followed the index's upward trend, with notable gains in holdings such as Bilibili, ASMPT, Midea Group, Xpeng Motors, BYD, Sunny Optical Technology, and Xiaomi [1] Group 2 - The Federal Reserve Chairman Jerome Powell indicated that the central bank may end its balance sheet reduction process in the coming months to prevent liquidity tightening in short-term funding markets, signaling a potential shift in quantitative tightening policy [1] - The market anticipates a high probability (over 95%) of a 25 basis point rate cut in the upcoming Federal Reserve meeting in October, according to the CME FedWatch Tool [1] - According to China Merchants Securities, the short-term outlook for the Hong Kong stock market is expected to be volatile, but marginally positive factors are likely to accumulate, driving future gains, particularly in technology/AI and internet sectors, as well as non-ferrous metals [1] Group 3 - The medium to long-term outlook for the Hong Kong stock market is optimistic, with expectations of an economic turning point due to improved supply-demand dynamics [2] - Capital expenditures and R&D investments in the technology sector are anticipated to translate into corporate profits, becoming a new growth engine [2] - The combination of easing policies in both the U.S. and China is expected to attract continuous inflows of southbound and foreign capital, driving a slow bull market trend in the Hong Kong stock market [2] Group 4 - As of October 14, the latest valuation (P/E TTM) of the Hang Seng Tech Index ETF (513180) was 22.64 times, which is approximately 27.36% below its historical average, indicating a relative undervaluation [2] - The high elasticity and growth characteristics of the index suggest significant upward momentum [2] - Investors without a Hong Kong Stock Connect account may consider using the Hang Seng Tech Index ETF (513180) to gain exposure to core Chinese AI assets [2]