The Federal Reserve cut interest rates by 50 basis points, opening the door to rate cuts in the U.S. The biggest marginal beneficiaries are still high-quality, stable, undervalued, high-dividend leading companies in the Hong Kong stock market. Next is U.S. Treasury bonds. Since stock markets in Europe, the U.S., and Japan are already at high levels, fully pricing in the expectation of rate cuts, and dividend yields are not attractive. After the U.S. rate cut cycle begins, it is expected that rates will gradually decline to a reasonable level of around 2-3% in the coming years, and even zero interest rates may make a comeback. In that case, stable Hong Kong stocks with 5%-10% dividend yields will become very attractive.