平安证券（香港）港股晨报-20251022

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 saw a recovery, closing at 26,027.55 points, up 0.65%, with significant trading volume of 2,646.57 million HKD [1] - The US stock market showed mixed results, with the Dow Jones reaching a historical high, while the S&P 500 remained flat and the Nasdaq fell by 0.16% [2] Sector Performance - In the Hong Kong market, the paper and packaging sector rose by 2.06%, semiconductor by 2.03%, and non-bank financials by 1.91% [3] - The technology sector is expected to remain a core theme for future market performance, with leading companies likely to benefit from long-term growth opportunities [3] - The report highlights the potential of companies in artificial intelligence, semiconductors, and industrial software as key areas for investment [3] Company Highlights - ZTE Corporation successfully completed the 5G-A key technology testing, positioning itself as a leader in the 5G and AI sectors [9] - China Aerospace Science and Industry Corporation (中航科工) reported a revenue increase of 11.43% year-on-year, reaching 37.465 billion RMB, while net profit decreased by 17.67% due to changes in revenue structure [10] - The report suggests a focus on companies benefiting from AI trends, including China Unicom and ZTE Corporation [9] Investment Recommendations - The report recommends continued attention to sectors with lower valuations and higher dividends, particularly state-owned enterprises [3] - It emphasizes the importance of companies in the upstream non-ferrous metals sector, which are expected to benefit from anticipated interest rate cuts by the Federal Reserve [3] - The report also highlights the potential of technology companies empowered by AI applications [3]