平安证券（香港）港股晨报-20250910
Ping An Securities Hongkong·2025-09-10 02:19

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] - The market saw a net inflow of funds through the Stock Connect, amounting to 484 million HKD, with the Shanghai Stock Connect contributing 283 million HKD and the Shenzhen Stock Connect 201 million HKD [1] - On the other hand, the US stock market continued its strong performance, with the Dow Jones rising 0.43% to 45,711 points, and all three major indices reaching new closing highs [2] Investment Opportunities - The report highlights the significant inflow of southbound funds, totaling 10,390 billion HKD year-to-date, surpassing last year's total of 8,079 billion HKD [3] - The report recommends focusing on sectors such as artificial intelligence, semiconductors, and industrial software, which are seen as new productivity drivers [3] - Companies benefiting from the Federal Reserve's interest rate cut expectations and strong mid-year performance in the upstream non-ferrous metals sector are also recommended [3] Company Performance - The report notes that Zijin Mining (2899HK) has seen a cumulative increase of 77.6% since its recommendation on April 14 [3] - Li Ning (2331HK) reported a revenue of 14.817 billion HKD for the first half of 2025, reflecting a year-on-year growth of 3.3%, although its net profit decreased by 11% to 1.737 billion HKD [10] - The report emphasizes Li Ning's strong brand recovery in the professional sports sector, particularly in running shoes, where it holds a 15% market share in China [10] Sector Highlights - The report indicates a strong performance in gold stocks, with companies like WanGuo Gold Group and Zijin Mining seeing significant gains [1] - The technology sector, particularly large-cap tech stocks, has shown robust growth, with companies like Google and Facebook rising over 1% [2] - The report also mentions the positive outlook for the Chinese medicine industry following new regulations aimed at improving quality control [9]