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平安证券（香港）港股晨报-20250828
Ping An Securities Hongkong·2025-08-28 08:31

Market Overview - The Hong Kong stock market experienced fluctuations, 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 from the Stock Connect [1][5] - The technology sector, particularly AI and semiconductor stocks, showed strong performance, with SenseTime (0020HK) rising 8.9% due to government support for AI initiatives [1][3] U.S. Market Performance - The U.S. stock market showed mixed results, with the Nasdaq rising 0.2% to 21,590 points, while the S&P 500 and Dow Jones increased by 0.2% and 0.3%, respectively [2] - Nvidia (NVDA.US) was a focal point as it prepared to announce quarterly earnings, impacting market sentiment [2] Sector Performance - The healthcare sector in Hong Kong fell by 4.23%, while the real estate and construction sectors declined by 2.15% and 2.01%, respectively [3] - The report suggests a shift in investment strategy, moving away from the pharmaceutical sector and focusing on technology sectors such as AI, robotics, and semiconductors [3] Investment Recommendations - The report recommends continued focus on sectors benefiting from government policies, including new consumption areas like infant products and sports apparel [3] - It highlights the value of investing in state-owned enterprises with low valuations and high dividends, as well as tech companies empowered by AI [3] IPO Market Insights - The Hong Kong IPO market has shown robust activity, with 51 IPOs raising 128 billion HKD, a year-on-year increase of over 610% [9] - The report emphasizes the importance of the "Science and Technology Enterprise Special Line" initiative to facilitate listings for tech and biotech companies [9] Key Company Updates - China Unicom (0762HK) reported a 4.3% year-on-year increase in its smart network business revenue, reaching 45.4 billion [10] - The company is transitioning towards a technology-driven digital enterprise, with a focus on cloud computing and AI applications [10]