Xin Lang Cai Jing·2025-11-04 10:07Group 1 - The current high valuation of the US stock market is supported by strong earnings growth, expectations of interest rate cuts, and clear industry trends, indicating that there is still potential for upward movement [2][5][7] - Major tech companies such as Apple, Microsoft, Google, Amazon, and Facebook have reported earnings that exceeded market expectations, suggesting robust growth despite high valuations [5][6] - The Federal Reserve is in a rate-cutting cycle, which contributes to ample liquidity in the market, with a 70% probability of further rate cuts anticipated by December [5][6] Group 2 - Global investment in technology is essential due to the significant globalization characteristics in technology development, allowing investors to leverage regional advantages and diversify risks [4][6] - Different regions have unique strengths in various sectors, such as photolithography and advanced processes, which highlights the importance of global supply chain dynamics [6] - The technology assets in the US, Hong Kong, and A-shares each have distinct advantages, with US tech being high in valuation and growth, A-shares benefiting from domestic substitution, and Hong Kong offering more cost-effective valuations [6][7]