Workflow
平安证券（香港）港股晨报-20251106
Ping An Securities Hongkong·2025-11-06 03:10

Market Overview - The Hong Kong stock market experienced volatility, 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 HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1][5] - The US stock market saw gains across major indices, with the S&P 500 up 0.37%, the Nasdaq up 0.65%, and the Dow Jones up 0.48% [2] Investment Strategy - A bottom-up approach to select industries and companies is recommended as the best strategy amid market fluctuations [3] - The report highlights the importance of undervalued dividend-paying sectors as a key area for investment [3] - The Chinese government has increased subsidies, providing up to 50% electricity cost reductions for major data centers, which may benefit related sectors [3] Sector Focus - Continued emphasis on technology self-reliance is expected to be a core theme for the Hong Kong stock market, with leading companies in AI, semiconductors, and industrial software likely to see long-term growth opportunities [3] - Investment recommendations include focusing on: 1. Technology sectors such as AI applications, semiconductors, and industrial software [3] 2. State-owned enterprises with low valuations and high dividends [3] 3. Upstream non-ferrous metals benefiting from anticipated interest rate cuts and strong mid-term performance [3] 4. Companies in the tech sector empowered by "AI+" applications [3] Company Highlights - The report mentions specific companies to watch, including China Software International (0354HK) and Kingdee International (0268HK) in the software and IT services sector [8] - The establishment of a joint venture by Volkswagen Group (China) and Horizon Robotics to develop system-level chips for smart connected vehicles is noted, indicating advancements in the smart electric vehicle sector [8] - The report suggests monitoring companies like Horizon Robotics (9660HK) and XPeng Motors (9868HK) for their leadership in intelligent driving chips and software [8]