Core Viewpoint - The Federal Reserve lowered interest rates as expected during its last meeting in 2025, without signaling a hawkish stance, which boosted market sentiment and led to a positive opening in the Hong Kong stock market [1] Group 1: Federal Reserve Actions - The Federal Reserve completed three rate cuts in 2025, each by 25 basis points, reducing the federal funds target rate from 4.25%-4.50% to 3.50%-3.75% [1] - The global risk-free interest rate has decreased, contributing to a weaker US dollar, with the USD/CNY exchange rate approaching 7.055 [1] Group 2: Market Impact - The rise in the RMB exchange rate and the decline in the global risk-free interest rate are expected to create a more accommodative liquidity environment in the Hong Kong stock market [1] - High-elasticity sectors such as technology and pharmaceuticals are anticipated to benefit first from these changes [1] Group 3: Relevant ETFs - Focus on leading technology stocks in Hong Kong, particularly core AI assets: Hang Seng Technology Index ETF (513180) [1] - Focus on innovative pharmaceuticals in Hong Kong, benefiting from BD overseas and commercial insurance directory: Hang Seng Pharmaceutical ETF (159892) [1]