On the morning of September 15, key Hong Kong stock indices opened lower across the board. The Hang Seng Index opened down 0.3%, while the Hang Seng Tech Index opened down 0.11% but quickly turned positive during the session. Stocks such as Hua Hong, Li Auto, Horizon Robotics, and XPeng led the gains, while Baidu and Kingdee International were among the top decliners.

From the perspective of southbound capital, there has been a sustained inflow trend throughout the year: last week saw a cumulative net inflow of HK$60.8 billion, the past month recorded a cumulative net inflow of HK$162.6 billion, and since the beginning of the year, the cumulative net inflow via the Stock Connect program has reached HK$1,072.9 billion.

Looking ahead, the Federal Reserve is scheduled to hold its interest rate meeting on September 17 local time. According to CME prediction data, the probability of a Fed rate cut in September is as high as 100%, with a 96.4% chance of a 25-basis-point cut and a 3.6% chance of a 50-basis-point cut.

A Fed rate cut appears almost certain, and liquidity easing in the Hong Kong stock market is anticipated, which is also expected to improve the investment and financing environment in the primary market. ETFs focused on technology and healthcare, such as the Hong Kong Stock Connect Technology ETF (159101) and the Hang Seng Healthcare ETF (159892), are likely to be among the first to benefit.