再降25基点，美联储官宣停止缩表！香江潮涌，百亿港股互联网ETF（513770）连续4日吸金近5亿元

Group 1 - The Federal Reserve has lowered interest rates by 25 basis points again, following a previous cut last month, and announced the end of balance sheet reduction on December 1 [1] - Analysts believe that the end of the Fed's balance sheet reduction may enhance market risk appetite, potentially leading to increased capital inflows into emerging markets, with Hong Kong stocks expected to benefit first due to their attractive valuations [1] - Morgan Stanley highlights that Hong Kong stocks are currently undervalued compared to their average P/E ratio over the past decade, making them the cheapest stock market in the Asia-Pacific region outside of ASEAN [1][4] Group 2 - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, with Alibaba, Tencent, and Xiaomi being the top three holdings, accounting for over 73% of the total weight [2] - The Internet sector has shown significant resilience this year, with the CSI Hong Kong Internet Index outperforming the Hang Seng Tech Index [4] - The latest P/E ratio for the CSI Hong Kong Internet Index is 23.69, which is at a historically low level compared to the past decade [5] Group 3 - The Hong Kong Internet ETF has seen substantial capital inflows, with a net inflow of 492 million yuan over the past four days prior to the market closure [7] - The current size of the Hong Kong Internet ETF exceeds 11.4 billion yuan, with an average daily trading volume of over 600 million yuan this year [7] - Historical performance of the CSI Hong Kong Internet Index shows significant fluctuations, with a return of 23.04% in 2024 after a decline in previous years [7]