Core Viewpoint - The semiconductor equipment sector has experienced significant growth, leading the rebound in technology stocks, but has recently faced a correction after a period of rapid gains [1][7]. Group 1: Recent Performance - The semiconductor equipment index surged over 30% in half a month and over 50% in three months, becoming the standout performer in the A-share market [1][7]. - From September 22 to September 24, the index rose a cumulative 16.85%, outperforming 276 other industry indices [3]. - On September 24, several semiconductor equipment ETFs reached their daily limit up, with notable gains of 9.55%, 9.44%, and 9.4% [3]. Group 2: Driving Factors - Key factors driving the recent surge include the establishment of Changcun Phase III Integrated Circuit Co., which is expected to enhance domestic semiconductor equipment production capacity [3]. - The increase in storage chip prices has exceeded market expectations, likely driving global storage chip capacity expansion [3]. - The recent display of lithography machines at the Industrial Expo has positively influenced market sentiment [3]. Group 3: Market Sentiment and Future Outlook - Analysts suggest that the recent correction in the semiconductor equipment index is a natural adjustment after substantial gains, with the long-term growth trajectory remaining intact due to AI demand [6][7]. - The semiconductor equipment sector is expected to continue benefiting from increasing domestic production rates and capital expenditure expansion, with projections indicating sustained high investment levels in wafer fabrication equipment [8]. - The semiconductor industry is a key focus of national policy support, indicating a favorable development outlook [9].

Group 1 - The Hong Kong technology and internet sectors experienced significant gains on September 17, with Baidu Group rising over 15%, and Alibaba and JD Group both increasing by more than 5%. Several ETFs tracking the Hang Seng Internet Technology and Hang Seng Technology indices rose over 4% [1][1][1] - Under the backdrop of anticipated interest rate cuts by the Federal Reserve, the Securities ETF (512880) saw a net inflow exceeding 1.1 billion yuan, ranking first among ETFs. Additionally, several thematic ETFs related to robotics, Hong Kong Stock Connect internet, and fintech also attracted significant capital, each with net inflows exceeding 500 million yuan [1][1][1] Group 2 - On September 18, the Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to between 4.00% and 4.25%, marking the first rate cut since December 2024. The latest dot plot indicates that most Federal Reserve officials expect two more rate cuts in 2025 [1][1][1]