Core Viewpoint - The liquidity in the Hong Kong stock market is currently supported by both international and domestic factors, with a notable influence from the US dollar index and the ongoing interest rate cuts by the Federal Reserve [1]. International Factors - The Hong Kong stock market is particularly sensitive to changes in the US Federal Reserve's monetary policy due to its currency peg to the US dollar, which amplifies the spillover effects of US monetary policy [1]. - Historical data indicates a significant negative correlation between the Hang Seng Index and the US dollar index, suggesting that a weaker dollar leads to increased international capital inflow into Hong Kong stocks [1]. - The Federal Reserve is expected to continue its rate-cutting cycle, with predictions of two additional cuts by 2025, which historically correlates with strong stock performance during such periods [1]. Domestic Factors - Southbound capital has become a stabilizing force in the Hong Kong stock market, with a cumulative net inflow exceeding 1 trillion HKD since the beginning of the year [1]. - Key sectors attracting this inflow include commerce and retail (including e-commerce), telecommunications, electronics, media, and computer technology, driven by ongoing domestic policy support for technological innovation and a rebound in global tech sectors like AI [1]. - The simultaneous inflow of domestic and international funds provides robust liquidity support for the technology sector in the Hong Kong stock market [1]. Relevant ETFs - The Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain [1]. - The Hang Seng Internet ETF (513330) focuses on leading internet companies [1].

港股市场流动性正迎来内外双重支撑。 国际方面，美元指数走势对港股市场的影响尤为显著。从历史数据来看，恒生指数与美元指数呈明显负 相关，美元走弱时国际资金更倾向流入港股等新兴市场。 9月或将重启降息，8月以来，特朗普政府持续施压美联储大幅降息，要求将联邦基金利率直降300基点 以缓解财政压力，并试图通过人事调整削弱美联储独立性。市场预计2025年美联储或仍有两次降息。从 历史上看，联储预防式降息周期中港股表现好，因此在当前降息周期持续的背景下，港股市场正吸引着 越来越多的全球配置资金关注。 【港股科技相关ETF】 科技全产业链——港股通科技ETF基金（159101） 互联网龙头——恒生互联网ETF（513330） 每日经济新闻 从国内资金来看，南向资金已成为港股市场的 "稳定器"。年初至今南向资金已累计净流入超10000亿港 元，其中商贸零售（含互联网电商）、通信、电子、传媒、计算机等科技行业获净流入居前。这一趋势 既源于国内对科技创新的持续政策支持，也得益于全球 AI 等科技行业景气度回升，内外资金的 "同向 发力"，为港股科技板块提供了坚实的流动性支撑。 ...