Group 1: U.S. Stock Market Volatility - The upcoming "Triple Witching Day" on Friday is expected to involve $6.5 trillion in options contracts expiring, marking one of the largest expirations in history [1] - Citigroup estimates that $5.8 trillion in open positions will expire, including $4.2 trillion in index options, $708 billion in ETF options, and $819 billion in individual stock options [3] - The current market is in a positive gamma state, but the expiration of options may shift market makers' hedging from stabilizing to amplifying, potentially leading to increased volatility if the S&P 500 index breaks the key 6000 level [4] Group 2: Hong Kong Dollar and Market Reactions - The Hong Kong dollar is approaching the weak-side convertibility guarantee level of 7.85, raising concerns about liquidity tightening in the market [5][6] - The rapid switch from strong to weak-side guarantees is attributed to significant inflows into Hong Kong stocks, with net purchases exceeding HKD 690 billion this year [9] - If the HKD reaches 7.85, the Hong Kong Monetary Authority is expected to withdraw liquidity, which could lead to a tightening of financing costs and impact the stock market, particularly in sectors like new consumption and innovative pharmaceuticals [12][20] Group 3: Market Performance and Trends - Following the HKD's approach to the weak-side guarantee, the innovative pharmaceutical sector in Hong Kong has experienced a decline, with related indices dropping over 10% [14][15] - Despite the market's concerns, there has been a net inflow of HKD 3.42 billion into ETFs tracking innovative pharmaceuticals during the recent downturn, indicating some investor confidence [17] - The Hang Seng Index and Hang Seng Tech Index showed a rebound, suggesting that market sentiment may not be as negative as previously thought [20]