Core Viewpoint - The Hang Seng Tech Index (HSTECH) has shown strong performance, with significant gains in major tech stocks, driven by positive market sentiment and expectations of interest rate cuts by the Federal Reserve [1][3][4]. Group 1: Market Performance - As of September 17, 2025, the HSTECH rose by 1.94%, with Baidu Group-SW up 11.57%, NIO-SW up 7.54%, and JD Group-SW up 4.46% [1]. - The Hang Seng Tech ETF (159741) increased by 1.36%, marking a potential nine-day winning streak [1]. - The average daily trading volume of the Hang Seng Tech ETF over the past year was 1.59 billion yuan, with a turnover rate of 4.79% on September 16 [3]. Group 2: Fund Performance - The Hang Seng Tech ETF has seen a net value increase of 58.91% over the past three years [3]. - The highest monthly return since inception was 33.67%, with the longest consecutive monthly gains being four months and the longest gain percentage being 23.28% [3]. - The average return during up months was 7.30% [3]. Group 3: Market Sentiment and Economic Indicators - Market sentiment has been significantly boosted by expectations of interest rate cuts, particularly benefiting tech growth stocks like Tesla [3]. - The probability of a 25 basis point rate cut by the Federal Reserve this week is 95.9%, with a 4.1% chance of a 50 basis point cut [3]. - For October, the cumulative probability of a 25 basis point cut is 23.1%, while a 50 basis point cut stands at 73.8% [3]. Group 4: Stock Weightings - The top ten weighted stocks in the HSTECH index account for 69.36% of the index, including Alibaba-W, NetEase-S, Tencent Holdings, and Xiaomi Group-W [7]. - Notable stock performances include Alibaba-W up 3.39%, Meituan-W up 3.49%, and JD Group-SW up 4.46% [5][7].

Market Overview - The market experienced fluctuations with all three major indices closing lower, with the Shanghai Composite Index down 0.03%, Shenzhen Component Index down 0.22%, and ChiNext Index down 0.22 [1] - Sectors such as chemical pharmaceuticals, automotive parts, and oil showed gains, while insurance, steel, and energy metals sectors faced declines [1] Pharmaceutical Industry Insights - The National Healthcare Security Administration announced the initiation of the 11th batch of centralized drug procurement, including 55 products, with results expected to be published between October and November 2025 [1] - Institutions are optimistic about the overall recovery opportunities in the innovative drug sector, particularly following the adjustment of the national medical insurance and commercial health insurance drug directories [2] Automotive Industry Developments - As of July 11, 2025, the proportion of new energy vehicles (NEVs) in China's automotive market reached 10%, with an expected total NEV sales of 16 million units this year, and NEV sales are projected to exceed 50% of total new car sales [2] - Continuous release of new models and sustained consumer demand are expected to keep the automotive market performance strong, with a focus on low-valuation leading companies in the electric and intelligent vehicle sectors [3] Hong Kong Market Outlook - The Hong Kong stock market is anticipated to experience a structural upward trend, with overall valuations remaining relatively low and long-term investment value being high [3] - The ongoing reform of the listing system in Hong Kong is expected to enhance asset quality and liquidity, potentially attracting more southbound capital [3]