平安证券（香港）港股晨报-20250930

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 Index showed a positive trend on Monday, closing up 1.89% at 26,622.88 points, with significant gains in technology stocks [1][5] - The US stock market also saw gains, with the Dow Jones up 68.78 points or 0.15%, and the Nasdaq rising 107.09 points or 0.48% [2] Capital Flows - Southbound capital in the Hong Kong Stock Connect recorded a net inflow of HKD 173 billion in September, marking a recent high [3] - Year-to-date, the cumulative net inflow has reached HKD 1,152 billion, significantly surpassing last year's total of HKD 807.9 billion [3] Sector Performance - The technology sector, particularly AI and semiconductor stocks, has shown strong performance, with companies like SMIC and Huahong Semiconductor reaching historical highs [3] - Gold stocks have performed well, with international gold prices recently surpassing USD 3,800 per ounce, driven by increased demand amid geopolitical uncertainties [9] Investment Recommendations - The report suggests focusing on sectors such as artificial intelligence, semiconductors, and industrial software, which are expected to benefit from ongoing technological advancements [3] - It also highlights the upstream non-ferrous metals sector, which is anticipated to perform well due to expectations of interest rate cuts by the Federal Reserve [3] - Companies with low valuations and high dividends in state-owned enterprises are recommended for investment [3] Company Highlights - China Mobile and China Unicom have received licenses for satellite mobile communication, indicating growth potential in the satellite communication industry [9] - The report mentions specific companies such as ZTE Corporation and China Mobile as key players to watch in the satellite communication sector [9]