ETF日报：结合基本面和社融走弱的大背景，目前点位的债券仍有配置价值。建议逢调整适当配置十年国债ETF

Market Overview - The Shanghai Composite Index rose by 0.63% to close at 3863.89 points, while the Shenzhen Component Index increased by 0.98% to 12813.21 points, with a noticeable decrease in trading volume, totaling only 1.75 trillion yuan, marking a two-month low [1] - The market saw over 4000 stocks rise, led by the telecommunications and coal sectors, while the non-ferrous metals sector faced declines due to gold and silver price corrections [1] Economic Data - Recent economic data for Q3 showed declines in investment, real estate, and consumption, indicating a weakening economic backdrop [1] - Fixed asset investment growth unexpectedly dropped to -0.5%, heavily impacted by real estate investment [4] Hong Kong Market Dynamics - The Hong Kong stock market opened higher and maintained a strong position, closing up 2.42% at 25858.83 points, following constructive discussions between Chinese and U.S. officials regarding trade relations [3] - The technology sector continues to show strong momentum, supported by fundamentals, while external liquidity remains favorable with continued inflows from foreign and southbound funds [3] Sector Performance - The communication ETF rose by 3.39%, and the AI sector within the ChiNext board saw a 3.70% increase, driven by positive demand forecasts from leading companies like NVIDIA [6] - The ongoing high demand cycle for optical modules is supported by supply constraints and price resilience, benefiting leading companies in the sector [7] Investment Recommendations - Investors are encouraged to focus on the Hong Kong Stock Connect 50 ETF and the Hong Kong Technology ETF, as favorable factors are expected to accumulate in Q4 [4] - The bond market is showing signs of returning bullish sentiment, with long-term bond yields stabilizing around 1.8% [5] Future Outlook - The outlook for the Hong Kong market remains positive, with potential upward movement driven by technological advancements, easing trade tensions, and improved external liquidity [4] - The dividend-focused investment strategy is highlighted as having significant value, especially in light of new policies encouraging dividend distributions among state-owned enterprises [10]