港股何时赶上A股走势？

Group 1: Liquidity Analysis - The recent performance of the Hong Kong stock market has been negatively impacted by a stable US dollar index, leading to limited liquidity improvements [3][7] - The anticipated interest rate cuts by the Federal Reserve in September are expected to significantly enhance liquidity in the Hong Kong market, potentially benefiting emerging markets [25][27] - A comparison shows that the A-share market has seen a more substantial influx of funds, particularly with a rapid increase in margin financing [17][19] Group 2: Industry Structure - The proportion of "hard technology" companies in the Hong Kong stock market is lower compared to the A-share market, with significant representation from banking and consumer sectors [8][27] - The upcoming IPOs in Hong Kong are expected to increase the representation of "hard technology" companies, which could positively influence the overall market index [34][36] - The performance of the Hong Kong market has been constrained by the lower weight of high-growth sectors such as semiconductors and electric equipment [30][31] Group 3: Investment Opportunities - Key areas of focus for future investment in the Hong Kong market include AI applications, non-ferrous metals, innovative pharmaceuticals, and supply-side adjustments [9][36] - The AI sector is highlighted as a significant growth area, with potential for substantial market performance if downstream AI products achieve commercial success [37][39] - The non-ferrous metals sector, particularly gold, is expected to perform well during the Fed's rate-cutting cycle, historically showing positive trends during such periods [40][41] - The innovative pharmaceutical sector is experiencing a surge in outbound business development transactions, indicating growing international recognition of Chinese innovations [45][46] - Supply-side adjustments are anticipated in industries with improving demand and prolonged supply-side clearing, which may lead to a recovery in these sectors [49]