平安证券（香港）港股晨报-20250902

Market Overview - The Hang Seng Index closed at 23,831 points, down 145 points or 0.61%, while the Hang Seng China Enterprises Index fell 47 points or 0.49% to 9,656 points, with total market turnover decreasing to HKD 82.799 billion [1][5] - On the previous trading day, the Hang Seng Index rose 2.15% to 25,617.42 points, with a total market turnover of HKD 380.231 billion and net inflow of southbound funds amounting to HKD 11.942 billion [1][5] Sector Performance - Local real estate, software, and 5G concept sectors experienced the largest declines, while gold stocks performed well, with Zijin Mining rising nearly 8% to a new high [1][5] - Pharmaceutical stocks rebounded significantly, with MicroPort Medical rising over 20% and WuXi Biologics and WuXi AppTec both increasing by 8% [1][5] - Technology stocks showed strong performance, with Alibaba surging nearly 19% and SMIC rising nearly 5% [1][5] 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 [3] - It also highlights the potential in new consumption sectors supported by policy, including infant consumption, sports apparel, and IP film and animation [3] - The report emphasizes the value of investing in state-owned enterprises with low valuations and high dividends, as well as technology companies benefiting from AI integration [3] Capital Flow - Since the beginning of the year, net inflows from southbound funds have totaled HKD 990.9 billion, significantly surpassing last year's total of HKD 807.9 billion [3] Company Highlights - China Nonferrous Metal Mining (01258HK) has seen a cumulative increase of 131% since the recommendation on April 23 [3] - ZTE Corporation (0763HK) has risen 49% since its recommendation on August 4 [3] - Yanzhou Coal Mining (1171HK) announced a share buyback plan with a total amount between RMB 200 million to 500 million, indicating confidence in its stock value [8]