特朗普：“关税冲突不可持续”，港股科技ETF（513020）盘中涨超2.7%

Core Viewpoint - Recent signals of tariff easing from the Trump administration have positively impacted the Hong Kong stock market, particularly the technology sector, which has seen significant inflows and price increases [1][3]. Group 1: Tariff Easing Signals - On October 17, Trump acknowledged that the 100% tariffs on China are "unsustainable" [1][3]. - Trump has been quietly relaxing several tariff policies, exempting dozens of products from tariffs and indicating a willingness to exclude more items during trade negotiations [3]. - The leaders of China and the U.S. agreed to hold new consultations soon, suggesting potential tariff reductions [3]. Group 2: Performance of Hong Kong Technology Sector - The Hong Kong Technology ETF (513020) has risen over 2.7% in a single day and has gained nearly 50% year-to-date, attracting nearly 1.2 billion yuan in inflows over the past 20 days [1][3]. - The technology sector is characterized by growth-oriented attributes, with a focus on future cash flow discounting, making it sensitive to interest rate environments [3]. - The core drivers of the technology sector have shifted from internet innovation to AI and hard technology innovation, supported by industrial policies and valuation recovery [3]. Group 3: Index Performance - The Hong Kong Technology ETF tracks the CSI Hong Kong Stock Connect Technology Index, which includes popular sectors such as internet, innovative pharmaceuticals, and new energy [4]. - The Hong Kong Stock Connect Technology Index has outperformed both the Hang Seng Technology Index and the Hong Kong Stock Connect Internet Index, with a cumulative increase of 76.06% since 2018 [6][7]. Group 4: Future Outlook - The ongoing Federal Reserve rate cut cycle is expected to enhance the attractiveness of Hong Kong technology stocks, as lower interest rates typically boost valuations in growth sectors [8]. - As the U.S. dollar's appeal diminishes due to rate cuts, international investors may reassess investment values, potentially leading to increased capital inflows into the Hong Kong market [8]. - The combination of renminbi appreciation and sustained expectations of U.S. rate cuts supports a favorable outlook for Hong Kong technology stocks, particularly those focused on AI [8].