平安证券（香港）港股晨报-20250825

Market Overview - The Hong Kong stock market experienced a strong upward trend last Friday, with the Hang Seng Index closing up 0.93% and a weekly increase of 0.27% [1][5] - The Hang Seng Technology Index saw a daily increase of 2.71% and a weekly rise of 1.89% [1][5] - The semiconductor sector was a major highlight, with Huahong Semiconductor (1347HK) leading the gains with over 17% increase and a trading volume of 4 billion HKD [1][5] U.S. Market Influence - Federal Reserve Chairman Jerome Powell signaled a dovish policy shift at Jackson Hole, leading to a rebound in global risk assets, with the Dow Jones Industrial Average reaching a historical high [2] - The Dow rose 1.89% to 45,631.740 points, while the S&P 500 and Nasdaq also saw significant gains [2] Sector Insights - The release of the DeepSeek-V3.1 model is expected to catalyze the semiconductor sector, enhancing the efficiency of domestic chips and narrowing the gap with international counterparts [3] - The report recommends focusing on technology sectors such as artificial intelligence, robotics, semiconductors, and industrial software, as well as new consumption sectors supported by policy [3] Company Recommendations - China Unicom (0762HK) is highlighted for its strong performance in the smart network business, with a revenue of 45.4 billion CNY in the first half of 2025, a year-on-year increase of 4.3% [10] - The company is transitioning towards a technology-driven digital enterprise, with a significant focus on R&D and innovation [10] Key Company Performances - ZTE Corporation (0763HK) saw a weekly increase of 34% and a cumulative rise of 48% since the latest recommendation on August 4 [3] - Semiconductor companies like SMIC (0981HK) also performed well, with a trading volume of 84 billion HKD and a rise of over 10% [1][5]