平安证券（香港）港股晨报-20250814

Market Overview - The Hong Kong stock market showed volatility, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61%, and the Hang Seng China Enterprises Index down 47 points or 0.49% [1] - The market experienced a significant rally on Wednesday, with the Hang Seng Index rising 2.58% to 25,613.67 points, approaching previous highs, and the Hang Seng Technology Index increasing by 3.52%, marking the largest gain in three months [1][3] - The total market turnover decreased to 827.99 billion, with net inflows of 4.84 billion from the Stock Connect [1] Investment Opportunities - The report emphasizes the continued attractiveness of Hong Kong stocks, particularly those related to artificial intelligence, robotics, semiconductors, and industrial software, as well as new consumption sectors supported by policy [3] - The report highlights the strong performance of the IPO market in Hong Kong, with 53 new listings in the first seven months, raising approximately 127 billion HKD, which is more than six times the previous year [9] - The report suggests focusing on companies with low valuations and high dividends, particularly state-owned enterprises, and those benefiting from AI integration [3] Company Performance - Tencent Music saw a significant increase of 15.6%, while Bilibili and Hua Hong Semiconductor rose by 7.4% and 5.9%, respectively, indicating strong performance among technology stocks [1] - In the U.S. market, major indices like the Dow Jones and S&P 500 reached new highs, with the Dow rising 463 points or 1% to 44,922 points, driven by expectations of interest rate cuts [2] - AMD shares increased by 5.4%, while Amazon and Nvidia saw slight declines, reflecting mixed performance in the tech sector [2] Economic Indicators - The report notes that Hong Kong's capital market has shown resilience, with significant inflows from mainland investors, totaling over 9,100 billion HKD this year, setting a historical record [11] - The report also mentions that the first seven months of social financing in mainland China reached 23.99 trillion RMB, slightly below market expectations [11]