平安证券（香港）港股晨报-20250827

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1][5] - The market turnover decreased to 82.799 billion, with net inflows of 484 million in the Hong Kong Stock Connect [1][5] - The US stock market saw gains, with the Dow Jones rising 135 points or 0.3%, closing at 45,418 points, while the S&P 500 and Nasdaq both increased by 0.4% [2] Industry Insights - The non-ferrous metals sector in Hong Kong continues to strengthen, with recommended companies like Zijin Mining (2899HK), Luoyang Molybdenum (3993HK), and China Nonferrous Mining (1258HK) seeing respective increases of 6.4%, 10.5%, and 9.4% [3] - The gold sector also performed well, with China Gold International (2099HK) rising over 10%, marking a cumulative increase of 218% since the initial recommendation on July 24, 2023 [3] - The report emphasizes the investment value of Hong Kong stocks centered on Chinese assets, suggesting continued focus on sectors such as artificial intelligence, robotics, semiconductors, and new consumer trends supported by policy [3] Company Performance - China Unicom (0762HK) reported a revenue of 45.4 billion yuan for its smart network business in the first half of 2025, reflecting a year-on-year growth of 4.3% [10] - The company’s cloud revenue reached 37.6 billion yuan, up 18.6%, while its data center revenue increased by 9.4% to 14.4 billion yuan [10] - China Unicom's average dividend yield over the past five years exceeds 6%, with a mid-year dividend of 0.2841 yuan per share, a 14.5% increase year-on-year [10] Key Stock Movements - The Hang Seng Index and its sub-indices showed varied performance, with the Hang Seng Index down 1.2% over the last month, while the Hang Seng Technology Index saw a 0.7% decline [17] - Notable stock performances include Tencent Holdings (700 HK) down 0.8%, Alibaba (9988 HK) down 2.6%, and BYD (1211 HK) up 1.6% [17] - The report highlights the significant growth of Xpeng Motors (9868 HK), which saw a 254% increase over the past year [17]