In the early hours of September 18, the market will welcome the results of the Fed’s September interest rate meeting. Data from CME Group shows a 96.1% probability of a 25-basis-point rate cut and a 3.9% probability of a 50-basis-point cut.

Reviewing the five Fed rate cut cycles since 2000, growth sectors benefiting from low-interest-rate valuation expansion and other interest-rate-sensitive industries clearly gained during preventive rate cuts, with Hong Kong stocks showing greater elasticity. Among them, the Hong Kong internet tech sector, which is gradually shifting from the "food delivery war" to the AI narrative, may continue to benefit.

Historically, markets generally rise during RMB appreciation periods, with Hong Kong stocks exhibiting greater elasticity. On one hand, both exchange rates and stock markets reflect improved economic expectations; on the other hand, market sentiment, foreign capital flows, and corporate fundamentals are also affected by exchange rate changes. Considering both market and exchange rate factors, Hong Kong’s growth-style stocks perform better during appreciation periods.

For ordinary investors, direct stock investment involves high thresholds and risks. Instead, they can participate through related ETFs. The Hong Kong Stock Connect Tech ETF (159101) closely tracks the China Securities Hong Kong Stock Connect Tech Index, selecting 30 large-cap tech leaders with high R&D investment. The top ten holdings account for 77%, covering internet giants like Tencent and Alibaba as well as emerging players like Li Auto and BeiGene, comprehensively spanning popular sectors such as "software/hardware + new consumption + innovative drugs + new automakers."

Investors can flexibly adopt allocation strategies based on their needs: long-term investors can use it as a core holding for growth assets, combining it with dividend low-volatility products to build a "barbell strategy"; trend investors can leverage the tech sector’s high elasticity to capture periodic trends; dollar-cost averaging investors can allocate in batches during low valuation periods to smooth risks and enhance the investment experience.