平安证券（香港）港股晨报-20251027

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] - The US stock market saw all three major indices reach historical highs, with the Dow Jones Industrial Average closing above 47,000 points for the first time [2] - The Consumer Price Index (CPI) in the US for September rose by 0.3% month-on-month, with an annual rate of 3.0%, slightly higher than the previous month [2] Sector Performance - In the Hong Kong market, local real estate, software, and 5G concept sectors faced significant declines, while gold stocks performed well [1] - The semiconductor sector showed strong performance, with Huahong Semiconductor rising over 13% [1] - The technology sector in the US, particularly the Nasdaq, saw a rise of 2.31% over the week [2] Investment Recommendations - The report suggests focusing on sectors such as artificial intelligence, semiconductors, and industrial software, which are expected to benefit from long-term growth opportunities [3] - It is recommended to pay attention to state-owned enterprises with lower valuations and higher dividends [3] - Companies like China Communications Services (0552.HK) are highlighted for their strong growth potential in digital infrastructure, with a projected revenue increase of 3.4% year-on-year [10] Company Highlights - Kingdee International (00268.HK) reported a year-on-year increase of approximately 18% in annual recurring revenue from its cloud subscription services [9] - Tencent Holdings (00700.HK) achieved a record of 139 million daily active users for its game "Honor of Kings" this year [12] - China Shenhua Energy (01088.HK) reported a net profit of 41.366 billion RMB for the first three quarters, a decline of 13.8% [12]