平安证券（香港）港股晨报-20250908

Market Overview - The Hong Kong stock market experienced significant fluctuations last week, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61%. The market turnover decreased to 82.799 billion [1][5] - The three major indices in Hong Kong recorded gains for the week, with the Hang Seng Index up 1.36% to 25,418 points, the Tech Index up 0.23% to 5,687 points, and the National Enterprises Index up 1.22% to 9,057 points. Pharmaceutical and new energy stocks performed well [1][5] US Market Insights - In the US, August non-farm payrolls added only 22,000 jobs, significantly below expectations, raising concerns about economic slowdown. The Dow Jones fell by 220 points or 0.5% to 45,400 points, while the S&P 500 and Nasdaq also saw slight declines [2] - Broadcom reported a 63% increase in AI revenue, securing new customer orders worth $10 billion, leading to a 9.4% rise in its stock price. However, Nvidia's annual earnings forecast fell short of expectations, resulting in a 2.7% drop in its stock [2] Investment Strategy - Despite recent market volatility, southbound funds in the Hong Kong Stock Connect have shown significant inflows, totaling HKD 1,012.1 billion year-to-date, surpassing last year's total of HKD 807.9 billion. A bottom-up approach to selecting industries and companies is recommended [3] - The report suggests focusing on sectors such as artificial intelligence, semiconductors, and industrial software, which are expected to benefit from the anticipated interest rate cuts by the Federal Reserve. Additionally, companies with strong mid-year performance in upstream non-ferrous metals and those benefiting from AI applications are highlighted [3] Company Highlights - Tencent's translation model achieved the top spot on HuggingFace's global model leaderboard, showcasing its competitive edge in AI applications. The model has been integrated into various Tencent services, enhancing user experience [9] - Li Ning Company reported a revenue of HKD 14.817 billion for the first half of 2025, a year-on-year increase of 3.3%. However, its net profit decreased by 11% to HKD 1.737 billion, attributed to increased marketing expenses and competitive pressures in the retail sector [10]