降息预期再度降温，港股承压，回调后的恒生科技性价比凸显

Group 1 - The Hong Kong stock market indices collectively declined, with the Hang Seng Tech Index dropping over 1.5%, influenced by a downturn in tech stocks, gold stocks, and automotive stocks [1] - The largest ETF tracking the A-share market, the Hang Seng Tech Index ETF (513180), followed the index's decline, with significant drops in holdings such as XPeng Motors, Lenovo Group, NIO, Li Auto, BYD, and Xiaomi, particularly XPeng Motors which fell over 8% post-earnings [1] - The recent U.S. CPI and employment data for October were not released due to a government shutdown, leading to a significant decrease in interest rate cut expectations, with the probability for a December rate cut dropping to 42.9%, nearly a 50 percentage point decline since mid-October [1] Group 2 - The prolonged government shutdown may impact the economic fundamentals, with estimates suggesting a 1.5 percentage point reduction in the annualized GDP growth rate for Q4, indicating potential economic resilience issues [2] - Non-official data suggests ongoing pressure in the U.S. job market, implying a continued necessity for interest rate cuts despite recent hawkish statements from Federal Reserve officials [2] - As of November 17, the valuation of the Hang Seng Tech Index ETF (513180) was at 22.26 times P/E, lower than other major global tech indices, and positioned in the historical low valuation range, suggesting a favorable investment opportunity in Chinese AI core assets [2]