招银国际每日投资策略-20251020

Market Overview - The global stock markets experienced mixed performance, with the Hang Seng Index closing at 25,247, down 2.48% for the day but up 25.86% year-to-date [1] - The US markets showed slight gains, with the Dow Jones up 0.52% and the S&P 500 up 0.53% [1] - The Chinese stock market saw significant declines, particularly in healthcare, consumer discretionary, and industrial sectors, while defensive sectors like telecommunications and utilities outperformed [3] Sector Performance - In the Hong Kong market, the Hang Seng Financial Index fell by 1.72% while the Hang Seng Industrial Index dropped by 3.04% [2] - The healthcare sector in Hong Kong led the declines, indicating a potential shift in investor sentiment towards defensive stocks [3] Investment Opportunities - The software and IT services industry is highlighted for its potential investment opportunities, particularly in companies that are enhancing their strategic collaborations and commercializing AI applications [4] - Specific companies to watch include Alibaba (BABA US), Baidu (BIDU US), Tencent (700 HK), and Kuaishou (1024 HK) for their strong growth in cloud services and AI-related revenues [4] - In the engineering machinery sector, a recovery in non-earthmoving machinery sales in September suggests the beginning of an upward cycle, with companies like Zoomlion (1157 HK), Sany Heavy Industry (600031 CH), and Hengli Hydraulic (601100 CH) recommended for investment [4] Economic Indicators - The Chinese ETF market has seen a net inflow of nearly 90 billion yuan since the National Day holiday, indicating a trend of investors buying on dips, particularly in technology and high-dividend sectors [3] - The Chinese central bank is expected to maintain a loose monetary policy, with potential rate cuts anticipated in November or December [3]