Group 1 - The core viewpoint indicates that international capital is reassessing and positioning itself in the Hong Kong stock market, driven by a series of positive developments including Alibaba's stock surge and the influx of foreign investments [1][2] - Following the Federal Reserve's interest rate cuts, there is a global demand for "rebalancing," making Hong Kong a popular destination for capital inflows [1][2] - The liquidity in the Hong Kong market has significantly improved, with the total market capitalization reaching HKD 46.6 trillion by the end of August 2025, a 47% increase from HKD 31.8 trillion a year earlier [2] Group 2 - The attractiveness of Hong Kong's stock market is partly due to its valuation "discount," which has drawn substantial overseas capital, leading to increased trading volumes and a recovery in valuations [2][4] - Foreign long-term funds are actively subscribing to cornerstone investments in Hong Kong IPOs, with notable companies like CATL and Hengrui Medicine attracting significant interest [4] - As of September 17, foreign net inflows into Chinese stocks reached USD 1.86 billion, marking the highest weekly inflow since November of the previous year [4] Group 3 - The Hong Kong technology sector has led the market this year, with the Hang Seng Tech Index rising over 41.5% as of September 24 [3] - Major foreign investment banks have recently expressed bullish sentiments on well-known Hong Kong-listed companies, reaffirming buy or outperform ratings for firms like Tencent and BYD [5] - The performance of sectors such as AI, internet, and innovative pharmaceuticals has shown strong growth momentum, further attracting foreign investment [5]