平安证券（香港）港股晨报-20250929

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 Hang Seng Technology Index fell by 2.89% to 6,195 points, while the Hang Seng Index returned to around 26,000 points [1] - The US stock market saw all three major indices rise, with the Dow Jones up 0.65%, the Nasdaq up 0.44%, and the S&P 500 up 0.59% [2] Capital Flows - Southbound funds in the Hong Kong Stock Connect recorded a net inflow of HKD 17.47 billion in September, a recent high, with a cumulative net inflow of HKD 115.37 billion since the beginning of the year [3] Sector Performance - The local real estate, software, and 5G concept sectors saw significant declines, while gold stocks performed well [1] - In the US market, metal and mining stocks led the gains, with Century Aluminum rising over 7% [2] Investment Recommendations - Focus on sectors such as artificial intelligence, semiconductors, and industrial software, which are supported by government policies [3] - Consider upstream non-ferrous metal sectors benefiting from expectations of interest rate cuts by the Federal Reserve [3] - Pay attention to technology sectors empowered by "AI+" applications and leading companies in various industries [3] Company Highlights - Semiconductor companies like SMIC and Hua Hong Semiconductor reached historical highs last week [3] - 中航科工 (AVIC) is highlighted for its potential growth in the aviation technology sector, with projected revenue of RMB 86.97 billion for 2024, a year-on-year increase of 2.62% [10]