平安证券（香港）港股晨报-20251105

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 market turnover decreased to 82.799 billion, with net inflows of 484 million from the Stock Connect [1] - The technology sector and AI stocks faced significant declines, with the Nasdaq dropping 2.04% and major tech stocks like Intel and Tesla falling over 5% [2] Investment Opportunities - The report emphasizes the importance of selecting undervalued sectors, particularly coal, oil, and banking, which have shown positive performance recently [1] - The focus on self-reliance in technology is highlighted as a core theme for future growth in the Hong Kong market, with leading companies in AI, semiconductors, and industrial software expected to benefit [3] - Recommendations include monitoring companies in the AI and application sectors, state-owned enterprises with low valuations and high dividends, and upstream non-ferrous metals benefiting from anticipated interest rate cuts [3] Company Highlights - Alibaba's AI model won a recent investment competition, showcasing its potential in the AI sector [9] - Tencent Cloud has supported over 10,000 financial clients globally, indicating strong growth in its cloud services [9] - The report suggests that companies with social communication advantages and core barriers, such as Tencent and Alibaba, are likely to benefit significantly from AI applications [9] Stock Performance - The Hang Seng Index and its sub-indices have shown varied performance, with the Hang Seng Technology Index down 1.76% recently [5] - Notable stock movements include Alibaba's decline of 2.6% and Baidu's increase of over 3% [16] - The report indicates that the valuation levels of certain companies remain attractive, suggesting potential for future growth [10]