平安证券（香港）港股晨报-20250820

Market Overview - The Hong Kong stock market is currently characterized by low valuations and increasing trading activity under the "profit-making effect," maintaining a relatively optimistic outlook for the medium to long term [3] - In July, southbound capital inflows reached a new high of 135.6 billion HKD, with cumulative net inflows of 92 billion HKD in early August despite market fluctuations [3] - 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, including infant consumption, sports apparel, and IP film and animation [3] Stock Performance - The Hang Seng Index closed at 25,122.9 points, down 0.21%, while the Hang Seng Technology Index fell by 0.67% and the Hang Seng China Enterprises Index decreased by 0.3% [5] - The market turnover was 278.2 billion HKD, with significant net buying of 18.57 billion HKD from southbound funds [5] - Among the constituent stocks, 38 rose and 43 fell, with notable gains from Zhongsheng Holdings (0881HK) up 8.3% and China Resources Beer (0291HK) up 6.2% [5] Key Company Insights - China Communications Services (0552HK) is positioned as the largest telecommunications infrastructure service provider in China, with projected revenue growth of 0.93% and net profit growth of 0.64% for 2024 [10] - The company is expected to benefit from AI-driven industry developments, with new contract signings increasing by over 30% year-on-year [10] - The stock is currently undervalued, trading at approximately 8 times the expected 2022 earnings, with a price-to-book ratio of less than 0.8 [10] Economic Data - The report highlights macroeconomic indicators, including a 17.8% youth unemployment rate in July, the highest in 11 months, and a 18.4% year-on-year decline in vehicle purchase tax revenue [11] - The People's Bank of China is initiating a pilot program for "loan disclosure" to reduce financing costs for enterprises [11]