Core Viewpoint - The Federal Reserve's recent interest rate cuts are expected to benefit three main sectors: gold, Hong Kong technology stocks, and A-share technology stocks [3][6][14]. Group 1: Gold - The Federal Reserve's interest rate cuts are likely to decrease the yield on dollar-denominated assets, making gold more attractive as a traditional safe-haven and inflation hedge [3]. - Historically, gold prices have performed well during the last three Fed rate-cutting cycles, with increases of +45.79%, +36.31%, and +49.42% [3][5]. Group 2: Hong Kong Technology Stocks - Continuous inflow of southbound funds and the anticipated new round of Fed rate cuts may lead to a positive market response in Hong Kong, particularly in the technology sector [7][8]. - The valuation of Hong Kong technology stocks is currently at a historical low, positioned at the 35.32% percentile [10][13]. Group 3: A-Share Technology Stocks - The Fed's rate cuts are expected to facilitate foreign capital inflow into emerging markets, which could enhance the valuation of A-share technology stocks [14]. - Domestic policy support for AI technology, combined with a liquidity-friendly environment from rate cuts, is likely to accelerate the growth of high-tech and high-growth companies [14]. - Global tech giants are maintaining high growth in capital expenditures, with Amazon, Microsoft, and Google reporting significant year-over-year increases in Q2 2025 [14].