On September 16, Founder Securities released a research report stating that in the scenario of preemptive interest rate cuts by the Federal Reserve, stocks will outperform bonds, and Hong Kong stocks have higher upside potential. Firstly, the market generally expects the Federal Reserve to initiate a new round of interest rate cuts, and this round is likely to be preemptive: as of the end of August, the risk of recession remains relatively controllable. Secondly, historically, after the implementation of preemptive interest rate cuts, stocks outperform bonds, and Hong Kong stocks show particularly high elasticity: based on historical experience, the initiation of preemptive interest rate cuts is generally favorable for stock assets, including U.S. stocks, while the elasticity of Hong Kong stocks is especially noteworthy. The increase in bond prices is likely to narrow marginally, and the weak dollar pattern usually sees a reversal, with commodity returns lagging behind