Today, the Hang Seng Tech Index surged, mainly benefiting from chip stocks.

1. Rising expectations of interest rate cuts: Unexpectedly weak US ADP employment data strengthened market expectations for the Fed to cut rates within the year, boosting risk appetite for global growth assets.

2. Favorable liquidity conditions: The US federal government shutdown triggered short-term capital flows into markets like Hong Kong stocks, providing liquidity to the market.

3. Optimistic policy outlook: The market is hopeful about the domestic important meeting in late October and anticipates that domestic policies may follow suit if the US cuts rates.

Looking at chip stocks like SMIC, which surged nearly 13% today, during the National Day holiday, A-shares were closed, so the main driver of the stock price was foreign capital. A single remark from "Old Huang" and the chip stock rally in South Korea also contributed to this wave of gains. Of course, behind this is also the re-evaluation of Chinese tech stocks by international capital.

$NVIDIA(NVDA.US)$Huatai-PB CSOP Hang Seng Technology ETF(QDII)(513130.SH)$HSTECH ETF(03032.HK)$SMIC(00981.HK)$Cambricon(688256.SH)$ZIJIN GOLD INTL(02259.HK)