平安证券（香港）港股晨报-20250725

Market Overview - The Hong Kong stock market showed mixed performance, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61%, while the Hang Seng Technology Index fell 0.05% to 5,743 points [1][5] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1][5] - The US stock market experienced varied movements, with the S&P 500 Index rising 4 points to 6,363 points, while the Dow Jones Industrial Average fell 316 points or 0.7% to 44,693 points due to declines in IBM and Tesla stocks [2] Sector Performance - In the Hong Kong market, the local real estate, software, and 5G concept sectors saw significant declines, while gold stocks performed well [1][5] - The materials sector remained strong, with lithium companies Ganfeng Lithium and Tianqi Lithium both rising over 10%, and China Hongqiao increasing by over 6% [1][5] - The semiconductor industry attracted active capital, with companies like SenseTime and Huahong Semiconductor rising approximately 7% and nearly 3%, respectively [1][5] Investment Recommendations - The report suggests a continued focus on sectors with growth potential, including artificial intelligence, robotics, semiconductors, and industrial software [3] - It highlights the innovation-driven pharmaceutical sector and consumer-oriented traditional Chinese medicine and healthcare sectors as areas of interest [3] - The report also points to undervalued sectors such as coal, oil and gas, and telecommunications, which are expected to benefit from low-risk interest rates in mainland China [3] Company Highlights - BYD's vehicle registrations in Europe surged by 91% year-to-date, with a market share of 5.1%, second only to Mercedes [9] - The report emphasizes the potential of companies like Xpeng Motors and BYD, which are expected to benefit from the growing demand for electric vehicles [9] - The pharmaceutical sector is also highlighted, with companies like Fosun Pharma expected to benefit from recent policy changes in drug procurement [10]