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平安证券（香港）港股晨报-20250923
Ping An Securities Hongkong·2025-09-23 02:02

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][5] - The Southbound funds recorded a net inflow of 4.84 million, with the Shanghai Stock Connect contributing 2.83 million and the Shenzhen Stock Connect 2.01 million [1][5] - Despite the market's volatility, Southbound funds have seen a cumulative net inflow of 1,122.4 billion HKD since the beginning of the year, significantly surpassing last year's total of 807.9 billion HKD [3] Key Companies and Performance - Semiconductor company SMIC saw its stock price reach a new high, reflecting the resurgence of AI computing power and its supply chain [3] - JD.com experienced a decline of over 3%, while SMIC rose by 5% [1][5] - The consumer electronics supply chain company Hong Teng Precision surged by 18%, nearing historical highs, and AAC Technologies rose nearly 10% [1][5] - Pharmaceutical stocks showed recovery, with WuXi AppTec rising over 8% to reach a new high [1][5] Investment Recommendations - The report suggests focusing on sectors such as artificial intelligence and applications, semiconductors, and industrial software as new productivity drivers [3] - It also recommends attention to upstream non-ferrous metals benefiting from expectations of Federal Reserve interest rate cuts and strong mid-term performance [3] - The report highlights the value of Hong Kong stocks centered on Chinese assets, particularly in technology sectors empowered by "AI+" and leading companies across various industries [3] Notable Market Movements - In the US market, major indices reached historical highs, with the Dow Jones up 0.1%, S&P 500 up 0.4%, and Nasdaq up 0.7% [2] - Nvidia announced a significant investment of 100 billion USD into OpenAI to support new data centers and AI workloads, leading to a 3.9% increase in its stock price [2] - Oracle's stock surged by 6% due to management restructuring, while Apple's stock rose by 4.3% on optimistic iPhone 17 sales prospects [2]