平安证券（香港）港股晨报-20250801

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion, with net inflows of 484 million from the Stock Connect [1] - The US stock market saw mixed performance, with the Dow Jones down 0.74% and the S&P 500 down 0.37%, while the Nasdaq fell slightly by 0.03% [2] Sector Performance - In Hong Kong, local real estate, software, and 5G sectors faced significant declines, while gold stocks performed well [1] - The technology sector in the US was led by strong performances from major companies like Meta, which rose over 11%, and Microsoft, which increased nearly 4% [2] - The healthcare sector in Hong Kong showed the best performance in July, with the Hang Seng Medical Health Index rising 23% [3] Investment Opportunities - The report suggests continued focus on sectors such as artificial intelligence, robotics, semiconductors, and industrial software, which are seen as new productivity drivers [3] - The innovative pharmaceutical sector, supported by policy, and consumer-oriented traditional Chinese medicine and healthcare sectors are also highlighted as areas of interest [3] - Companies in the low-carbon power operation sector, such as Longyuan Power (0916HK) and CGN New Energy (1811HK), are recommended due to their relatively low valuation [9] Company Highlights - ZTE Corporation (0763HK) is noted for its comprehensive product line and solutions in the telecommunications sector, with a projected revenue of 121.299 billion for 2024, despite a slight decline [10] - The company has maintained a high gross margin of 37.91% and is expected to see significant growth in its government and enterprise business segments [10] - The report anticipates ZTE's net profits for 2025 and 2026 to be 9.17 billion and 9.96 billion RMB, respectively, indicating a low valuation compared to its current market cap [10]