中国基金报·2025-09-18 01:11Core Viewpoint - The Hong Kong stock market has shown significant strength recently, driven by multiple favorable factors, including low valuations, progress in US-China trade negotiations, expectations of interest rate cuts by the Federal Reserve, accelerated advancements in AI, and the relative scarcity of assets compared to A-shares [2][5][6]. Market Performance - The Hang Seng Index closed at 26,908.39, up 469.88 points or 1.78%, while the Hang Seng Technology Index surged over 4%, reaching a nearly four-year high [4]. - Notable stock performances included SenseTime and Baidu, both rising over 15%, and Alibaba increasing by 5.28%, marking its highest level since October 2021 with a market capitalization returning to HKD 3 trillion [2]. Factors Driving Market Recovery - External environment disturbances have decreased, with smooth progress in US-China trade talks and reduced geopolitical risks, enhancing risk appetite for Hong Kong stocks [7]. - The Federal Reserve's upcoming FOMC meeting is expected to result in a 25 basis point rate cut, which could lower the risk-free rate and support liquidity in the Hong Kong market [7]. - Accelerated AI advancements have been reported by leading internet companies, alleviating concerns about a slowdown in AI progress and boosting market sentiment [7]. Valuation and Investment Opportunities - Despite recent gains leading to valuation recovery, Hong Kong stocks still present attractive investment opportunities, particularly in technology, pharmaceuticals, and new consumption sectors, which remain undervalued [15][16]. - The Hang Seng Index's current price-to-earnings ratio is considered low compared to other major global indices, indicating potential for further investment [8][16]. - The anticipated return of funds due to the Federal Reserve's rate cuts could attract more overseas capital into the Hong Kong market, enhancing its appeal [8]. Sector Focus - Key sectors to watch in the Hong Kong market include the innovative pharmaceutical industry, new energy, automotive, and technology sectors, particularly those related to AI and internet services [16][17]. - Historical data suggests that sectors such as semiconductors, automotive parts, pharmaceuticals, and biotechnology tend to perform well in the 12 months following interest rate cuts, providing a reference for current investment strategies [17].