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 US stock market opened high but closed lower, with the Dow Jones dropping 243 points or 0.5% to 46,358 points [2] - The market saw a decrease in trading volume, with Hong Kong's total turnover falling to 82.799 billion [1] Sector Performance - In the Hong Kong market, local real estate, software, and 5G sectors faced significant declines, while gold stocks performed well [1] - The semiconductor industry saw notable declines, with companies like Hua Hong Semiconductor and SMIC both dropping over 6% [1] - The pharmaceutical sector experienced a major pullback, with notable declines in stocks such as Innovent Biologics and Crystal International, both falling over 10% [1] Investment Opportunities - The report highlights the potential of domestic GPU chips as a mainstream application in computing power, suggesting a sustained positive outlook for the related industry chain [3] - It recommends focusing on sectors such as artificial intelligence, semiconductors, and industrial software, which are seen as new productivity drivers [3] - The report also suggests investing in state-owned enterprises with relatively low valuations and high dividends, as well as upstream non-ferrous metals benefiting from expectations of interest rate cuts by the Federal Reserve [3] Company Highlights - ZTE Corporation saw a significant increase of 12.4% in its stock price following the overseas launch of its Co-Sight super intelligent system [3] - The report emphasizes the valuation attractiveness of ZTE as a leading technology company amidst market volatility [3] Economic Indicators - The report notes that the global copper production is expected to grow by 1.4% in 2025, with refined copper consumption projected to increase by approximately 3% [9] - The real estate market in Shenzhen has shown signs of recovery, with new residential sales increasing by 23.48% year-on-year [9]
平安证券（香港）港股晨报-20251010
Ping An Securities Hongkong·2025-10-10 06:17