On September 18th, under the drive of optimism, the Hong Kong stock market continued to rise, and the Hang Seng Index recorded four consecutive gains. As of 9:50, the China Southern HSCEI ETF (159954) rose by 2.76%, the E Fund CSI Technology 50 ETF (159747), the CSI Central State-Owned Enterprises Dividend Index South (520660), and the Hang Seng Index ETF (513600) rose by over 1.2%. In terms of news, the expectation of a significant interest rate cut by the Federal Reserve may be one of the main reasons for the strength of the Hong Kong market. In addition, the amount of stock repurchases in the Hong Kong stock market has exceeded HKD 200 billion so far this year, surpassing the total for the whole year of 2022 and 2023. China International Capital Corporation believes that the Hong Kong stock market is very sensitive to changes in external liquidity and is also affected by the Hong Kong Linked Exchange Rate System, so the reaction of the Hong Kong stock market to the Federal Reserve's interest rate cut may be more significant than that of the A-share market. Tianfeng Securities research report points out that compared to global markets, Chinese assets still have cost-effectiveness. Based on the expectation of gradual recovery and improvement of the underlying fundamentals, the current Hong Kong stock market still has attractive valuations and a high risk-return ratio.