平安证券（香港）港股晨报-20250901

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% on the last trading day of August. The market recorded a total turnover of 82.799 billion HKD [1][5] - In August, the Hang Seng Index rose by 1.23%, the Hang Seng China Enterprises Index increased by 0.73%, and the Hang Seng Technology Index saw a monthly gain of 4.06%, marking four consecutive months of increases [1][5] U.S. Market Insights - The core PCE price index in the U.S. rose by 2.9% in July, aligning with expectations. The U.S. stock market saw declines ahead of the Labor Day weekend, with notable drops in stocks like Nvidia (down 3.4%) and Caterpillar (down 3.7%). Conversely, Alibaba's ADR surged by 13% due to strong earnings and AI-driven growth in its cloud computing business [2][3] Industry Performance - The raw materials sector index surged by 24.3% in August, leading among twelve industry indices. China Nonferrous Mining (01258HK), recommended in April, has seen a cumulative increase of 119% [3] - Semiconductor and communication sectors also performed well, with Huahong Semiconductor (1347HK) rising by 32.5% in August. ZTE Corporation (0763HK), recommended earlier, has increased by 43.8% [3] Investment Recommendations - The report suggests continued focus on sectors such as artificial intelligence, robotics, semiconductors, and industrial software, which are seen as new productivity drivers. Additionally, sectors benefiting from policy support, such as infant consumption and sports apparel, are highlighted [3] - The report emphasizes the value of investing in state-owned enterprises with lower valuations and higher dividends, as well as companies benefiting from AI integration [3] Key Company Developments - Huahong Semiconductor (01347HK) announced the acquisition of the remaining 97.5% stake in Shanghai Huahong Microelectronics, which is expected to enhance its operational capabilities in the semiconductor industry [9] - Semiconductor companies are advised to be monitored closely due to favorable market conditions and capital operations that could enhance their resource integration and potential [9]