Core Viewpoint - The configuration value of the Hong Kong technology sector continues to stand out in the fourth quarter due to the resonance of internal and external factors [1] External Factors - The Federal Reserve has initiated a preventive interest rate cut cycle, historically indicating that such cycles often provide significant elasticity for cyclical stocks, with the technology sector being a primary beneficiary as a growth asset [1] - Global liquidity easing and domestic industrial upgrades further enhance the growth potential of the Hong Kong technology sector, which is expected to experience a robust market in the fourth quarter [1] Internal Factors - China's economy has demonstrated unexpected resilience, with a GDP growth rate of 5.3% in the first half of the year, supported by new productivity cultivation achievements, providing a solid fundamental backing for the technology sector [1] Market Valuation - According to a Morgan Stanley report, despite a significant year-to-date increase in the MSCI Hong Kong Index, its valuation remains below the ten-year average, making it one of the cheapest stock markets in the Asia-Pacific region, excluding ASEAN [1] - This valuation advantage has attracted continuous foreign capital inflow, with passive funds accumulating a total of $18 billion into the Chinese stock market by the end of September [1] Investment Perspective - Foreign institutions generally view the Hong Kong technology sector as having both valuation safety margins and industry growth potential, making it an indispensable part of global asset allocation amid increasing market volatility [1] Related ETFs - Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain [1] - Hang Seng Internet ETF (513330) focuses on leading internet companies [1]