11月底若美元确立贬值趋势，最受益品种或为恒生科技

Group 1 - The Hong Kong stock market showed mixed performance on November 3, with the Hang Seng Technology Index experiencing slight fluctuations after a small opening [1] - The energy and coal sectors remained active, while the semiconductor and non-ferrous metals sectors led the declines [1] - The Hang Seng Technology Index ETF (513180) followed the index's downward trend, with leading stocks including Xiaomi, Xpeng Motors, and NIO, while SMIC and Huahong Semiconductor lagged [1] Group 2 - According to Zheshang Securities, the current market's capital activity is weakening, and the depreciation of the US dollar is seen as a key factor for the next market breakthrough [1] - The firm anticipates that the depreciation of the US dollar will remain a mid-term trend, with a potential starting point around the end of November [1] - Recent data indicates a shift towards marginal tightening in US fiscal policy, which may weaken the overall US job market [1] Group 3 - As of October 31, the latest valuation (PETTM) of the Hang Seng Technology Index ETF (513180) is 22.85 times, placing it in the historical low valuation range, below 71% of the time since the index was launched [2] - The technology sector in Hong Kong is expected to benefit from the current trends in AI, with potential foreign capital inflows exceeding expectations due to the backdrop of Federal Reserve interest rate cuts [2] - Investors without a Hong Kong Stock Connect account may consider using the Hang Seng Technology Index ETF (513180) to gain exposure to core Chinese AI assets [2]