And behold, it is written in the commentary Porat Yosef (Siddur Tefillat Yesharim) that "You have chosen us from all the nations" corresponds to the Exodus from Egypt, and "You have loved us" corresponds to the giving of the Torah, when the Holy One, blessed be He, gave us the hidden treasure which the ministering angels desired, out of His great love for us. And similarly, a student heard in the name of the 'Siach Yitzchak' (brought in Otzarot Yerushalayim, volume 2).