Group 1 - The report highlights that the recent Federal Reserve interest rate cut of 25 basis points marks the beginning of a preventive easing cycle aimed at addressing potential economic downturn risks without the economy being in a substantial recession [2][9]. - Historical performance indicates that during previous preventive easing cycles, the Chinese A-share market was significantly influenced by domestic economic policies and fundamentals, leading to a lack of uniformity in overall trends. In contrast, the Hong Kong stock market, being more closely tied to U.S. dollar liquidity, typically shows more positive performance, with the Hang Seng Index often experiencing significant gains [2][17]. - The report suggests that liquidity may drive market trends more than fundamentals in the current context, particularly benefiting interest-sensitive sectors such as technology growth, including semiconductors, artificial intelligence, and biomedicine, as well as leading technology stocks in Hong Kong that benefit from improved liquidity [2][17]. Group 2 - The report recommends focusing on the Hang Seng Technology sector, noting that the recent Federal Reserve meeting did not exceed expectations, and despite a hawkish interpretation of the meeting, the statements made were relatively dovish. The current liquidity situation in Hong Kong is still tight, indicating potential for future upward movement [3][18]. - The semiconductor sector is highlighted due to the testing of DUV lithography machines by SMIC, which strengthens the narrative of domestic substitution in the semiconductor industry. This development is expected to catalyze market sentiment positively in the short term [3][18].

所以，百度和阿里成为本轮互联网科技股估值修复先锋，今天港股百度暴涨超15%，阿里巴巴涨超 5%，市值重回3万亿港币，而腾讯也重回6万亿市值。 最后就是补涨，前两个月A股远远强于港股，沪指都新高了。一般来说，降息都是高低切的节点，9月 以来以nv链为代表的科技股开始跑输，宁德时代为代表的估值相对低的大白马持续走强。 今天A股完全是被港股拖着走，港股恒生指数大涨1.71%，逼近27000点，恒生科技指数暴涨超4%，创 出年内新高，而A股上证指数只小涨0.37%，创业板指好一点涨近2%。今天早盘A股一度大跳水，还是 有很多资金抢着在美联储降息前兑现，然后港股太强了也把A股拖起来了，创业板指主要靠宁王，也是 港股带的。 可以看到，恒生科技前几个月一直在震荡，大幅跑输A股创业板指，直到近两周才开始加速上涨，特别 是今天，来了个高潮。 我觉得港股科技股近期走强有三大原因： 首先最核心的就是美联储降息预期，明天凌晨就是美联储议息会议，大概率降息25bp，降息50bp也有可 能，关键是再次开启降息周期的拐点意义。近期美元指数持续走弱，已经跌破97关口，而离岸人民币汇 率今天盘中一度升破7.1关口，弱美元利好新兴市场。 其次就 ...