法巴：预计12月美联储会再降息并结束缩表，恒指年内有望挑战28500点

Core Viewpoint - The chief investment strategist of BNP Paribas Wealth Management in Hong Kong anticipates a rate cut by the Federal Reserve in December, which is expected to positively impact the AH stock market, with potential for the Hang Seng Index to challenge the 28,500 points mark by year-end [1] Market Outlook - The strategist believes that excessive market liquidity allows for further capital inflow into Hong Kong stocks, especially if technology companies report surprising earnings [1] - The anticipated demand for data centers driven by artificial intelligence development is expected to benefit companies with cloud business, making them highly explosive in growth potential [1] Sector Analysis - Chip stocks are expected to benefit from national policies, while gaming stocks are likely to continue receiving game approval licenses, making them worth noting [1] - Concerns regarding the AI bubble in the U.S. market are acknowledged, with high valuations being a point of worry; however, the valuation of the Hang Seng Tech Index components remains significantly lower compared to the NASDAQ [1] Valuation Comparison - The recent adjustments in the Hang Seng Tech Index have led to more reasonable valuations, enhancing the risk-return profile of Chinese technology stocks [1] - The expected earnings support indicates that price-to-earnings ratios are unlikely to surge suddenly, providing a more stable investment environment [1] Investor Behavior - Short-term consolidation in the U.S. market is anticipated, but there is an expectation of retail investors entering the market to buy at lower prices [1]