平安证券（香港）港股晨报-2025-03-28

Market Overview - The Hong Kong stock market has shown volatility recently, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [2] - The market saw a net inflow of funds amounting to HKD 484 million through the Stock Connect, with the Shanghai and Shenzhen markets contributing HKD 283 million and HKD 201 million respectively [2] - The US stock market experienced slight declines, with the Dow Jones down 0.37% and the S&P 500 down 0.33% [3] Investment Opportunities - The report maintains a positive outlook on undervalued Hong Kong stocks, suggesting active positioning despite recent market fluctuations [4] - Key sectors to watch include: 1. Technology sectors such as semiconductors, artificial intelligence, and industrial software [4] 2. Companies benefiting from the widespread application of AI and large models, particularly in the tech and media sectors [4] 3. Leading companies in the smart electric vehicle market and high-quality development sectors like humanoid robots and high-end equipment manufacturing [4] 4. Undervalued sectors such as coal, oil, gas, and telecommunications, which are expected to benefit from low-risk interest rates in mainland China [4] Sector Performance - The pharmaceutical sector showed strong performance, with notable gains from companies like Innovent Biologics, which rose over 17%, and WuXi Biologics, which increased nearly 6% [2] - Consumer stocks also performed well, with Pop Mart rising over 9% and Haidilao increasing over 6% [2] - Gold stocks experienced gains, with Lao Pu Gold rising over 9% and Chow Tai Fook increasing over 4% [2] Company Highlights - China Resources Pharmaceutical reported a revenue of RMB 128.6 billion for the first half of 2024, a year-on-year increase of 4.7%, with a net profit of RMB 2.6 billion, down 2.9% [11] - The company is focusing on enhancing research and development efficiency and pipeline quality, with expected net profits of RMB 4.07 billion and RMB 4.31 billion for 2024 and 2025 respectively, indicating a low valuation at around 8-7 times PE [11] - The report suggests monitoring companies like China Software International and Inspur Digital for their roles in the industrial internet transformation [10]