Group 1 - The core viewpoint of the articles indicates that the Hong Kong stock market is experiencing a rebound after a period of adjustment, driven by factors such as the easing of the US-China trade dispute and strong performance in the technology sector [1][2]. Group 2 - On October 20, the Hong Kong stock market opened higher and maintained a strong position throughout the day, closing up 2.42% at 25,858.83 points [1]. - Recent discussions between Chinese and US officials regarding bilateral economic relations are seen as constructive, with an agreement to hold new trade consultations soon, which may alleviate short-term market volatility [1]. - The technology sector continues to show robust growth, providing structural opportunities for the Hong Kong stock market despite recent cooling market sentiment [1]. - External liquidity is improving, with continued inflows from foreign and southbound funds, suggesting that Hong Kong stocks still hold valuation advantages [1]. - The expectation of a potential interest rate cut by the US Federal Reserve, driven by easing inflation and economic growth concerns, could further attract foreign investment into the Hong Kong market [1]. - The fourth quarter is anticipated to accumulate favorable factors for the Hong Kong stock market, including the rapid development of the technology sector and improved external liquidity [2].

Market Overview - The Shanghai Composite Index rose by 0.63% to close at 3863.89 points, while the Shenzhen Component Index increased by 0.98% to 12813.21 points. The trading volume significantly decreased to 1.75 trillion yuan, marking a two-month low. The communication and coal sectors led the gains, while the non-ferrous metals sector was dragged down by the pullback in gold and silver prices. The market is expected to continue a structural trend with oscillations as the profit inflection point has not yet been reached [1] Hong Kong Market - The Hong Kong stock market opened higher and maintained a high-level oscillation throughout the day, ultimately closing up 2.42% at 25858.83 points. The recent U.S.-China trade disputes had caused a decline in market sentiment, leading to adjustments in the Hong Kong market. If the trade disputes further ease, the Hong Kong market, which has been under emotional pressure, is likely to gather rebound momentum. Investors are recommended to keep an eye on the Hong Kong Stock Connect 50 ETF (159712) and the Hong Kong Technology ETF (513020) [1] Communication Sector - The Communication ETF (515880) increased by 3.39%. The industry fundamentals are improving, with Nvidia's Rubin shipment expectations for 2026 being raised, and leading companies may start to adjust their total demand for 1.6T to 15 million units, indicating further upward potential. This demand adjustment not only enhances the profit expectations for leading firms but also reinforces the sustainability and certainty of the high prosperity cycle for optical modules driven by AI computing power. Additionally, Google's Gemini 3 series is expected to be released on October 22, which may catalyze the sector's performance. The market is currently facing multiple event disturbances, and the sector may continue to oscillate. Interested investors are advised to monitor the Communication ETF (515880), the ChiNext AI ETF (159388), and the Semiconductor Equipment ETF (159516) [2] Dividend and State-Owned Enterprises - The Dividend State-Owned Enterprises ETF (510720) rose by 1.41%. The current market risk appetite has decreased, coupled with the coal and banking sectors leading the gains, resulting in the continued relative strength of the dividend sector. In the short term, with the third-quarter report season approaching and external uncertainties still present, the cost-performance ratio of dividend styles is highlighted. Investors are encouraged to focus on the Dividend State-Owned Enterprises ETF (510720) and the Cash Flow ETF (159399) to position themselves in dividend assets [2]