降息预期升温利好港股，港股科技ETF（513020）涨超1%，资金持续布局，近5日净流入超2.2亿元

Core Viewpoint - Short-term risk factors for Hong Kong stocks are decreasing, but a rebound confirmation requires catalysts. The current position is attractive for medium to long-term allocation [1]. Group 1: Economic Factors - The expectation of a Federal Reserve interest rate cut in December is fluctuating, leading to relatively weak performance in overseas markets represented by U.S. stocks. An increase in rate cut expectations could benefit Hong Kong stocks [1]. - The market is likely to refocus on policy ahead of the Central Economic Work Conference in December, which has not yet been priced in [1]. Group 2: Market Dynamics - The narrative surrounding the AI technology bubble in U.S. stocks has weakened, resulting in significant corrections in Hong Kong technology stocks, which currently present an attractive allocation opportunity [1]. - Short-term, macroeconomic and geopolitical risks remain unresolved, suggesting a balanced allocation strategy, with relative strength in dividends still present [1]. Group 3: Investment Products - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects listed companies involved in information technology, electronic components, and interactive media, focusing on high-end manufacturing, hardware infrastructure, and the entire AI industry chain [1].