Group 1 - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking the first rate cut of the year and a continuation of the easing cycle initiated in 2024 [1][3] - Recent data indicates a slowdown in U.S. economic activity, with a decrease in new job creation and increasing downside risks to employment [1][3] - The Federal Reserve forecasts an additional 50 basis points cut by the end of the year, followed by 25 basis points cuts in each of the next two years [1] Group 2 - Market expectations for the rate cut were already established, primarily driven by weak employment data indicating a deteriorating labor market [3] - Despite the employment challenges, inflation data shows resilience, requiring the Federal Reserve to balance monetary policy to support the job market [3] - Following the rate cut, U.S. stock markets surged, with the Dow Jones Industrial Average rising by 172.85 points to 46,315.27, a 0.37% increase [3] Group 3 - International spot gold prices surged, breaking above $3,700 per ounce, driven by expectations of further rate cuts, geopolitical uncertainties, and strong investment demand [5] - Deutsche Bank has raised its 2026 gold price forecast to $4,000 per ounce, citing strong central bank demand and potential dollar weakness [5] - The rate cut is expected to benefit three key areas: gold assets, Hong Kong tech stocks, and A-share tech stocks, with the latter two likely to see valuation recovery due to external liquidity and domestic policy support [5]

Core Viewpoint - The Hong Kong technology sector has shown signs of recovery after a period of volatility since late July 2023, with significant inflows into the Hang Seng Tech ETF (513130) leading to record high asset levels [1] Group 1: Market Performance - The Hang Seng Tech ETF (513130) attracted a net subscription of 899 million units on August 4, 2023, bringing its total scale to 30.636 billion, a historical high [1] - Over the past seven trading days (July 25 to August 4, 2023), the ETF has seen a total net inflow of 3.808 billion, making it the only ETF tracking the Hang Seng Tech Index with over 3 billion in net inflows during this period [1] - The average daily trading volume of the ETF reached 4.522 billion during this period, indicating strong liquidity [1] Group 2: Capital Inflows - Southbound capital net purchases exceeded 59 billion HKD in the week of July 28 to August 1, 2023, marking the highest weekly inflow since April 11, 2023 [1] - The technology sector in Hong Kong has seen significant capital accumulation, which is expected to provide solid momentum for future market performance [1] Group 3: Earnings Expectations - Mid-year earnings reports for Hong Kong stocks are expected to be released in mid to late August 2023, with upward revisions in profit expectations for sectors such as new energy vehicles, semiconductors, and consumer electronics [1] - The long-term investment value of the Hong Kong technology sector remains promising [1] Group 4: ETF Characteristics - The Hang Seng Tech ETF (513130) closely tracks the Hang Seng Tech Index, which includes 30 leading companies in the internet and technology manufacturing sectors [1] - As of August 4, 2023, the top five weighted stocks in the index include Tencent Holdings, NetEase, Xiaomi, Alibaba, and Kuaishou, all of which are key players in the industry [1] - The current price-to-earnings ratio of the Hang Seng Tech Index is 21.55, close to its historical average, indicating a potential value investment opportunity [1] Group 5: Trading Mechanism - The Hang Seng Tech ETF (513130) supports T+0 trading, providing both scale and liquidity advantages, making it a valuable tool for investors looking to capitalize on growth opportunities in Chinese technology leaders [1]

Core Viewpoint - The Hong Kong stock technology sector has shown signs of recovery since late July 2025, with significant inflows into the Hang Seng Tech ETF (513130), indicating strong investor interest and potential for future growth [1] Group 1: Market Performance - The Hang Seng Tech ETF (513130) experienced a net subscription of 899 million shares on August 4, 2025, bringing its total scale to 30.636 billion yuan, a historical high [1] - Over the past seven trading days (July 25 to August 4, 2025), the ETF has seen a total net inflow of 3.808 billion yuan, making it the only ETF tracking the Hang Seng Tech Index with net inflows exceeding 3 billion yuan during this period [1] - The average daily trading volume of the ETF reached 4.522 billion yuan, highlighting its liquidity advantage [1] Group 2: Capital Inflows - Southbound funds recorded a net purchase of over 59 billion HKD in the week of July 28 to August 1, 2025, marking the highest weekly inflow since April 11, 2025 [1] - The inflow of capital into the Hong Kong stock market is expected to provide solid momentum for future performance, especially with upcoming mid-term earnings reports in August [1] Group 3: Investment Potential - The Hang Seng Tech ETF (513130) closely tracks the Hang Seng Tech Index, which includes 30 leading internet and technology manufacturing companies in the Hong Kong market [1] - As of August 4, 2025, the top five weighted stocks in the Hang Seng Tech Index are Tencent Holdings, NetEase-S, Xiaomi Group-W, Alibaba-W, and Kuaishou-W, all of which are key players in the internet and technology sectors [1] - The current price-to-earnings ratio of the Hang Seng Tech Index is 21.55, which is within the historical range of 21.57% over the past five years, suggesting a potential value investment opportunity [1] Group 4: Trading Mechanism - The Hang Seng Tech ETF (513130) supports T+0 trading, providing both scale and liquidity advantages, making it an important tool for investors looking to capitalize on the growth of Chinese technology leaders [1]