Due to the impact of the US government shutdown, key October economic data is missing, and the probability of a Fed rate cut in December has plummeted to below 50%, putting global tech stocks under widespread pressure. Key indices in the Hong Kong stock market collectively opened lower in early trading today, with the Hang Seng Tech Index opening down over 2% and the Hang Seng Index down over 1.5%. The Hang Seng Tech Index ETF (513180) and Hang Seng ETF (159920) followed the indices lower.

Amid concerns over tech stock valuation bubbles, funds have recently been gradually shifting to sectors like consumer and healthcare. The Hang Seng Biotechnology Index closed up 4.16% yesterday, leading the gains in the Hong Kong stock market. The Hang Seng Healthcare ETF (159892) experienced a minor adjustment today, while JD Health, InnoCare Pharma, and others rose against the trend.

From a medium to long-term perspective, the Hong Kong stock market still enjoys solid funding support: the trend of Hong Kong market expansion and increased allocation, driven by mainland capital in a loose environment, remains strong. This has led to a significant accumulation of funds in the Hong Kong market, and the pricing power of southbound capital through the Stock Connect program in the Hong Kong market is continuously strengthening. This trend is likely to continue unless there are significant changes in the domestic macroeconomic and policy environment.