平安证券（香港）港股晨报-20250903

Market Overview - The Hong Kong stock market experienced a slight decline, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1][5] - The US stock market also saw a collective drop, with the Dow Jones down 0.55%, S&P 500 down 0.69%, and Nasdaq down 0.82% [2] Sector Performance - In the Hong Kong market, local real estate, software, and 5G concept sectors faced the largest declines, while gold stocks performed well [1] - In the US market, large tech stocks generally fell, with Nvidia down nearly 2% and Amazon, Apple, and Tesla down over 1% [2] - The semiconductor sector also struggled, with the Philadelphia Semiconductor Index down 1.12% [2] Investment Opportunities - The report highlights significant growth in the raw materials sector, with an index increase of 24.3% in August, leading to recommendations for companies in copper mining such as China Nonferrous Mining (1258HK) and Luoyang Molybdenum (3993HK), which have seen cumulative gains of 134% and 109% respectively [3] - There is a strong emphasis on the continued investment potential in Hong Kong stocks, particularly in sectors like artificial intelligence, robotics, semiconductors, and industrial software [3] - The report suggests focusing on policy-supported sectors such as infant consumption, sports apparel, and IP film and animation, as well as state-owned enterprises with low valuations and high dividends [3] Commodity Insights - Gold futures for December rose by 2.42% to 3,601.00 USD per ounce, with spot gold increasing by 1.72% to 3,536.03 USD per ounce, reaching a historical high [9] - The report recommends attention to gold mining companies like China Gold International (2099HK) and Shandong Gold (1787HK) due to the strategic asset nature of gold amid global uncertainties [9] - Oil prices also saw an increase, with WTI crude oil futures rising by 1.58 USD to 65.59 USD per barrel, and Brent crude oil futures up by 0.99 USD to 69.14 USD per barrel [9] Company Highlights - The report mentions Tencent (00700.HK) repurchasing 913,000 shares for 550 million HKD and launching industry-first 3D reconstruction models [12] - Alibaba (09988.HK) introduced an intelligent agent development framework, indicating ongoing innovation in the tech sector [12] - NIO (09866.HK) plans to launch three new SUV models next year, despite reporting a significant net loss in Q2 [12]