Group 1 - The Hang Seng Index experienced a slight decline of 0.20% while the Hang Seng Tech Index fell by 1.30% during the midday session, indicating a mixed performance in the market [1] - The Hong Kong Stock Connect Tech ETF (159101) saw a drop of 0.75%, with significant declines in major components such as Hua Hong Semiconductor down 10.36% and SMIC down 5.55% [1] - Despite short-term pressures from the resurgence of the AI narrative in the US stock market, the long-term outlook for Hong Kong's tech sector remains positive due to the acceleration of China's AI progress, suggesting substantial recovery potential for leading tech companies [1] Group 2 - The Hong Kong stock market is showing a clear upward trend driven by global uncertainties, changes in asset demands, and a reinforced tech narrative, making the tech sector an attractive option for investors seeking returns [2] - The tech sector's scarcity, growth potential, and favorable policies position it well for continued valuation recovery and earnings growth, supported by global capital inflows and industrial upgrades [2]

Group 1 - The core viewpoint is that Hong Kong stocks have regained upward momentum since the end of August, with technology sectors showing particularly high value for money, and the potential for new highs in the fourth quarter due to favorable trends in the industry and foreign capital inflow [1][2] - The AI narrative is benefiting Hong Kong's internet giants, with significant upgrades announced by Alibaba for its AI infrastructure and a partnership with NVIDIA in the Physical AI field, indicating a strong potential for growth in AI applications [1] - Recent policies from the Ministry of Transport and other departments are expected to accelerate the commercialization of AI applications in smart transportation and logistics, further enhancing the growth prospects for the technology sector [1] Group 2 - The return of foreign capital to Hong Kong stocks is anticipated to exceed expectations, especially following the Federal Reserve's decision to lower interest rates, which has already shown signs of improving foreign investment since May [2] - The Southbound capital flow has exceeded 1 trillion yuan this year, with expectations for continued inflows into Hong Kong's technology and consumer sectors, which are seen as scarce compared to A-shares and more aligned with current industry trends [2] - The proactive allocation by public funds towards internet sectors related to AI trends is expected to further drive the market upward in the fourth quarter [2]

回顾历史，每当预防式降息启动，股票资产往往会迎来整体利好，港股由于其市场特性，弹性通常更为 突出，而作为成长股聚集地的港股科技板块，其后续上涨空间更值得期待。 【港股科技相关ETF】 覆盖科技全产业链——港股通科技ETF基金（159101） 聚焦互联网龙头——恒生互联网ETF（513330） 美联储正式宣布降息25个基点，符合市场普遍预期。在降息周期中，美元资本往往从美国流向全球高性 价比资产。港股市场凭借其离岸属性、较高外资占比、联系汇率制度及估值优势，成为承接外资外溢的 关键市场。其中，对利率更为敏感的科技板块尤其受到关注。 不过市场常有"买预期、卖事实"的运行规律。此前市场对本次降息已有充分预判，恒生科技指数的前期 涨幅或许已提前消化了这一利好，近日震荡回调。 港股科技板块未来将如何演绎？是否仍具备投资价值？ 首先，降息落地不等于降息结束。伴随利率决议一同发布的点阵图数据显示，官员预期中值仍指向2025 年还将有两次降息。这意味着，年内持续存在的降息预期，仍将是拉动港股及港股科技板块上行的重要 动力。 其次，结合当前美国经济现状——就业市场呈现疲软态势，但通胀水平仍维持在相对高位，市场普遍将 本次降息定 ...

Group 1 - The core viewpoint is that the recent interest rate cut does not signify the end of rate cuts, as the median forecast indicates two more cuts in 2025, which will continue to support the Hong Kong stock market and its technology sector [1] - The current economic situation in the U.S. shows a weak job market but relatively high inflation, leading the market to define this rate cut as a "preemptive cut," which is different from a "rescue cut" that occurs in deep economic downturns [1] - Historically, preemptive rate cuts have been beneficial for stock assets, with the Hong Kong stock market showing greater elasticity, particularly in the technology sector, which is expected to have significant upside potential [1] Group 2 - The influx of foreign capital is a significant driver for the Hong Kong technology sector, alongside strong internal drivers such as the cooling competition in industries like food delivery and automotive [1] - The narrative surrounding AI has become a central focus for the market, providing a solid foundation for the future growth of the Hong Kong technology sector [1] - Relevant ETFs include the Hong Kong Stock Connect Technology ETF (159101), which covers the entire technology industry chain, and the Hang Seng Internet ETF (513330), which focuses on leading internet companies [1]

Group 1 - The Hang Seng Index rose by 1.41%, with the Hang Seng Tech Index surging by 3.49% and the Hang Seng China Enterprises Index increasing by 1.78% on September 17, with a half-day trading volume of HKD 192.36 billion [1] - The Hong Kong Stock Connect Tech ETF (159101) gained 2.71%, with notable increases in component stocks such as SMIC (+5.70%), SenseTime-W (+5.26%), Meituan-W (+5.18%), Alibaba-W (+5.02%), and Tencent Holdings (+2.09%) [1] - The market anticipates a greater than 90% probability of the Federal Reserve restarting interest rate cuts in September, with probabilities exceeding 70% for cuts in October and December [1] Group 2 - The Federal Reserve's interest rate cuts are expected to facilitate global capital reallocation, potentially benefiting Chinese assets amid a backdrop of global monetary system restructuring, with a combination of US dollar depreciation and a reversal of innovative narratives [2] - If policies are effectively managed, Chinese assets may benefit from the dual dividends of accelerated capital repatriation and global capital rebalancing, with some funds possibly flowing into the Chinese capital market [2] - In the context of renminbi appreciation and strengthened expectations for Fed rate cuts, there is optimism for a "catch-up" rally in Hong Kong stocks, shifting focus from "takeout narratives" to "AI narratives," particularly in the tech and internet sectors [2] Group 3 - Relevant ETFs include the Hong Kong Stock Connect Tech ETF (159101) for the tech sector and the Hang Seng Internet ETF (513330) for internet leaders [3]

Group 1 - The Hong Kong stock market is experiencing dual support from both international and domestic liquidity [1] - The Hang Seng Index shows a significant negative correlation with the US dollar index, indicating that a weaker dollar leads to increased international capital inflow into Hong Kong stocks [1] - The market anticipates a potential interest rate cut in September, with expectations of two more cuts by the Federal Reserve by 2025, which historically has led to positive performance in the Hong Kong stock market [1] Group 2 - Southbound capital has become a stabilizing force in the Hong Kong stock market, with a cumulative net inflow exceeding 1 trillion Hong Kong dollars since the beginning of the year [1] - Key sectors attracting net inflows include commerce and retail (including e-commerce), telecommunications, electronics, media, and computer technology, driven by domestic policy support for technological innovation and a global recovery in the AI sector [1] - The combined efforts of domestic and international capital are providing solid liquidity support for the technology sector in the Hong Kong stock market [1]

Group 1 - The Federal Reserve's meeting on interest rates is scheduled for September 17, with a 100% probability of a rate cut, 95.9% chance of a 25 basis points cut, and 4.1% chance of a 50 basis points cut [1] - The Hong Kong stock market has been active due to rate cut expectations, with the Hang Seng Index and Hang Seng Tech Index opening higher, and ETFs focused on AI and internet sectors rising over 1% [1] - There is a market expectation of a total rate cut of 75 basis points within the year, with the CME Federal Funds futures model indicating three rate cuts in 2025, each by 25 basis points [1]

美联储降息往往伴随全球资金再配置。降息促进全球资金流动性释放，中国资产可能相对收益，尤其是 在当前全球货币体系重构背景下，美元贬值和创新叙事反转相结合，两者反映的全球货币秩序重构可能 是本轮市场行情的核心驱动力，新货币秩序下人民币资产相对受益；如果政策应对得当，人民币资产有 望受益于全球货币体系加速碎片化、多元化的双重红利——碎片化加速中国在海外的资金回流，多元化 驱动全球资金再平衡，或有部分资金流向中国资本市场。美联储重启降息或将促进全球资金流动性释 放、对美元汇率形成一定下行压力，从而有望进一步推动全球资金再配置。 美联储于2024年9月开启本轮降息周期，2024年降息三次，但2025年以来在多方不确定性因素影响下暂 未降息。 近期美国通胀压力不大、就业趋弱，美联储主席鲍威尔在杰克逊霍尔会议上释放鸽派信号，市场对美降 息预期再度升温。9月11日公布的美国8月CPI同比增长2.9%、核心CPI同比增长3.1%，较上月的 2.7%/3.0%略有上行但幅度不大；9月5日公布的8月非农就业人数增加2.2万，低于市场预期，继此前大 幅下修就业数据后，9日劳工部发布的初步修订数据显示2024年4月至2025年3月美国 ...

美国劳工部 11 日发布数据显示，8 月消费者价格指数（CPI）同比上涨 2.9%，核心 CPI 同比增长 3.1%，大体符合市场预期，这一数据强化了市场对美联储降息的押注。 若降息周期开启，美元走弱或将推动资金回流新兴市场，港股作为外资占比较高的离岸市场，有望迎来 增量资金加持，而科技板块作为流动性敏感型资产，通常率先受益于宽松预期。 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 此外，降息可能刺激全球风险偏好上升，提振科技成长板块的市场情绪。科技型企业弹性和成长属性 强，在宽松环境中往往能展现出更强的上涨潜力。 综合来看，美国通胀数据强化政策转向信号，港股科技板块或迎来估值与资金面的双重驱动。 【港股科技相关ETF】 利率环境转向宽松有助于降低港股科技企业的融资成本，尤其是生物科技、互联网等研发投入较高的行 业，其估值折现率压力减轻，长期盈利预期有望修复。 ...

今年以来，港股市场持续迎来南向资金的强劲流入。截至9月初，南向资金年内净买入规模突破10000亿 港元，刷新历史纪录，显著超过去年全年水平。在这一轮资金南下大潮中，科技板块以其显著的估值优 势和明确的成长前景，成为中国资产价值重估的引领者，也成为全球资本增配中国科技的核心方向。 另有观点同样看好港股后市表现，认为四大因素支撑市场向上：一是港股估值具备充分吸引力，恒生科 技当前20倍左右估值大幅低于纳斯达克指数；二是外资有望回流；三是南向资金持续流入；四是港股人 工智能、创新药等品种代表新兴产业发展趋势，具有稀缺性。 【港股科技相关ETF】 科技全产业链——港股通科技ETF基金（159101）； 值得注意的是，阿里巴巴此前发布亮眼财报后股价大涨18%，显著提振市场情绪，带动港股科技板块整 体走强。其背后不仅是企业基本面的强劲，更代表着中国科技产业在人工智能、云计算等前沿领域的快 速崛起和全球竞争力的提升。 经过7月底的调整和8月份的震荡，国证港股通科技指数PE估值回落至24.6倍，处于过去10年的30%分位 水平，与今年一季度相比已明显回落，具备较好的安全边际和配置价值。 业内最新研究报告指出，以创业板指数为" ...