平安证券（香港）港股晨报-20251015

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1][5] - The market turnover decreased to 82.799 billion, with net inflows of 484 million from the Hong Kong Stock Connect [1][5] - The US stock market showed mixed results, with the Dow Jones rising by 202.88 points or 0.44%, while the Nasdaq fell by 172.91 points or 0.76% [2] Industry Insights - The report highlights the potential for a rebound in the Hong Kong stock market due to lower valuations and increasing trading activity [3] - Key sectors to watch include artificial intelligence, semiconductors, and industrial software, which are expected to drive future growth [3] - The automotive industry in China showed significant growth, with September production and sales reaching 3.276 million and 3.226 million vehicles, respectively, marking year-on-year increases of 17.1% and 14.9% [9] - The report suggests focusing on companies benefiting from the anticipated Federal Reserve interest rate cuts and strong mid-year performance in the upstream non-ferrous metals sector [3] Company Performance - China Unicom (0762HK) is noted for its strong performance in digital technology services, with a projected revenue of 45.4 billion for the first half of 2025, reflecting a year-on-year growth of 4.3% [10] - The company has a consistent dividend yield of over 6% and is considered undervalued with a PE ratio around 12 times [10] - The report recommends monitoring companies like XPeng Motors (9868HK) and Great Wall Motors (02333HK) in the rapidly growing electric vehicle sector [9]