Group 1 - The core viewpoint is that the Hong Kong stock market is experiencing liquidity easing due to the Federal Reserve's interest rate cuts, which may attract international capital to increase allocation in this market [1] - The logic behind this trend is the decline in global risk-free interest rates, leading to asset repricing and capital reallocation [1] - The Hong Kong stock market, as an offshore financial center for China, has a valuation level lower than most major global indices and is highly sensitive to global liquidity [1] Group 2 - Historical data indicates a correlation between foreign capital flow and the interest rate differential between China and the U.S. [1] - Currently, the proportion of foreign capital allocated to Chinese assets is at a historical low, suggesting that valuation gaps and improved policy expectations may drive a systematic return of foreign capital [1] - The Hong Kong Stock Connect 50 ETF (159712) tracks the Hong Kong Stock Connect 50 Index (930931), which selects 50 large-cap, liquid stocks from the Hong Kong market, covering both new economy and traditional industry leaders [1]