平安证券（香港）港股晨报-20250808

Market Overview - The Hang Seng Index closed at 23,831 points, down 145 points or 0.61%, while the Hang Seng China Enterprises Index fell 47 points or 0.49% to 9,656 points, with total market turnover decreasing to HKD 82.799 billion [2] - Despite uncertainties regarding US tariffs, China's July export data was unexpectedly strong, supporting a four-day upward trend in the Hong Kong stock market, with the Hang Seng Index closing up 0.69% at 25,801 points [2][4] - The market saw a net inflow of HKD 6.61 billion from southbound funds, indicating continued interest in Hong Kong stocks [4] Sector Performance - Local real estate, software, and 5G concept sectors experienced the largest declines, while gold stocks performed well against the market trend [2] - The technology sector showed mixed results, with Alibaba rising 2.1%, Meituan up 0.7%, and Tencent down 0.3% [2][4] Key Company Insights - The construction machinery industry in China saw a significant increase in excavator sales, with July sales reaching 17,138 units, a year-on-year increase of 25.2% [8] - Semiconductor company SMIC reported a second-quarter revenue of USD 2.209 billion, a 1.7% decrease quarter-on-quarter, but a 22% increase year-on-year [8] - ZTE Corporation is focusing on the computing power sector, with a new server capable of housing 64 GPUs, which is expected to enhance its competitive edge [8] Investment Recommendations - The report suggests focusing on sectors such as artificial intelligence, robotics, semiconductors, and industrial software, as well as consumer sectors supported by policy, including infant consumption and sports apparel [4] - Companies like Zhonglian Heavy Industry and Sany International are highlighted as potential investment opportunities in the construction machinery sector [8]