平安证券（香港）港股晨报-20250806

Core Views - The report highlights that the Hong Kong stock market remains attractive due to low valuations and increasing trading activity driven by the "profit-making effect" [4] - The report suggests a medium to long-term optimistic outlook for the market, with significant inflows of capital from mainland China [4] Market Review - The Hang Seng Index closed at 23,831 points, down 145 points or 0.61%, while the Hang Seng China Enterprises Index closed at 9,656 points, down 47 points or 0.49% [2] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [2] - The report notes that local real estate, software, and 5G sectors experienced the largest declines, while gold stocks performed well [2] Economic Data - China's July services PMI rose to 52.6, marking a 14-month high, which contributed to a brief recovery in the Hang Seng Index [2] - The report indicates that the A-share and Hong Kong stock indices recorded gains of 2% to 5% in July, with the healthcare sector performing the best, as evidenced by a 23% increase in the Wind Hang Seng Medical Health Index [4] Investment Recommendations - The report recommends focusing on sectors such as artificial intelligence, robotics, semiconductors, and industrial software, which are seen as new productivity drivers [4] - It also suggests monitoring new consumption sectors supported by policy, including infant consumption, sports apparel, and IP film and animation [4] - The report highlights the value of investing in state-owned enterprises with low valuations and high dividends, as well as technology companies benefiting from AI integration [4] Company Spotlight - ZTE Corporation (0763HK) is highlighted as a leading global communication manufacturing company, with a projected revenue of 121.299 billion RMB for 2024, a slight decrease of 2.38% year-on-year [9] - Despite a small decline in revenue and net profit, ZTE maintains a high gross margin of 37.91% and has shown significant growth in its enterprise and consumer business segments [9] - The report emphasizes ZTE's competitive advantage in computing power, particularly with its newly launched intelligent computing server capable of supporting 64 GPUs [9]