Hong Kong leveraged ETFs saw increased volatility today.

As of the time of writing, the CSOP Hang Seng Tech Index Daily (2x) Leveraged Product (07226) fell 4.64% to HK$2.756, while the CSOP Hang Seng Tech Index Daily (-2x) Inverse Product (07552) rose 4.58% to HK$2.008.

The CSOP Hang Seng Index Daily (-2x) Inverse Product (07500) gained 3.66% to HK$1.812, while the CSOP Hang Seng Index Daily (2x) Leveraged Product (07200) declined 3.51% to HK$5.23.

On the news front, the Mid-Autumn Festival holiday has arrived. Hong Kong stocks opened normally on September 25, but Southbound Stock Connect was suspended.

Historically, when Southbound capital is absent, Hong Kong stock turnover typically drops markedly, market trading activity weakens, selling pressure is more easily amplified, and index volatility increases somewhat.

In addition, New York Fed President Williams, the Fed's third-ranking official, said on Thursday that one more rate hike this year is "reasonable," but stressed that future policy will depend on data.

According to the CME FedWatch Tool, the probability of another rate hike at the Fed's October meeting exceeds 75%.

Soochow Securities said recently that Hong Kong stocks are currently in a slightly rebounding trend.

This rebound is closer to short covering after overseas phased negative factors have landed, rather than being based on fundamental improvement.

Overseas risks are unlikely to be cleared all at once and will continue to cause repeated disruptions, so a relatively neutral stance and dynamic allocation toward Hong Kong stocks should be maintained.

The rebound can be watched, but investors should be cautious about chasing highs; a clear turning point still requires fundamental improvement.