平安证券（香港）港股晨报-20250807

Core Insights - The report highlights the current advantages of the Hong Kong stock market, including low valuations and increasing trading activity under the "profit-making effect," maintaining a relatively optimistic medium to long-term outlook [4] - In July, both A-shares and Hong Kong stocks recorded different gains ranging from 2% to 5%, with the healthcare sector performing the best, as evidenced by the 23% increase in the Wind Hang Seng Medical Health Index [4] - The report suggests continued focus on sectors such as artificial intelligence, robotics, semiconductors, and industrial software, as well as new consumption sectors supported by policy initiatives [4] Market Review - The Hang Seng Index closed at 23,831 points, down 145 points or 0.61%, while the Hang Seng Tech Index rose by 0.2% [2] - The market turnover decreased to 82.799 billion, with net inflows recorded in the Hong Kong Stock Connect totaling 484 million, indicating continued interest from mainland investors [2] - New consumption stocks showed a collective rebound, with notable increases in companies like Pop Mart (9992HK) and Lao Pu Gold (6181HK) [2] Company Performance - The report mentions that the company ZTE Corporation (0763HK) is a leading global telecommunications manufacturer, with a projected revenue of 121.299 billion in 2024, a slight decrease of 2.38% year-on-year [10] - Despite a small decline in revenue and net profit, ZTE maintains a high overall gross margin of 37.91% [10] - The company has shown significant growth in its government enterprise and consumer business segments, particularly in the computing power sector [10] Industry Insights - The report emphasizes the ongoing innovation and positive developments in the pharmaceutical sector, suggesting a focus on leading companies like Fosun Pharma (2196HK) and Shanghai Pharma (1093HK) [9] - The report also notes the impact of recent regulatory measures aimed at promoting the high-quality development of commercial health insurance, which could benefit the biopharmaceutical industry [9]