招银国际每日投资策略-20251106

Global Market Overview - The Hang Seng Index closed at 25,935, down 0.07% for the day but up 29.29% year-to-date [1] - The US markets showed a rebound with the Dow Jones up 0.48% and the S&P 500 up 0.37%, while the Nasdaq increased by 0.65% [1] - European markets also rose, with the DAX up 0.42% and the CAC up 0.08%, reflecting a positive economic outlook despite some regional challenges [1] Hong Kong Stock Performance - The Hang Seng Financial Index decreased by 0.12% while the Hang Seng Industrial Index fell by 0.05%, but the Hang Seng Utilities Index rose by 0.59% [2] - Southbound capital saw a net inflow of HKD 10.373 billion, with notable purchases in Southbound Hang Seng Technology, Alibaba, and Xiaomi [3] Industry Insights - The internet sector in the US saw leading companies like Microsoft, Google, and Amazon report strong demand, leading to a 25.7% year-on-year revenue growth in Q3 2025 [4] - Capital expenditures for cloud service providers surged to USD 93.1 billion, a 71% increase year-on-year, indicating robust investment in infrastructure [4] - AI investments are showing a mixed impact on profit margins, with cloud-related capital expenditures affecting profitability but still supporting steady profit growth [4] Economic Indicators - The Eurozone's composite PMI rose to 52.5, the highest in 29 months, indicating a strong recovery in the services sector, particularly in Germany [3] - In the US, the ISM services PMI exceeded expectations, reaching an 8-month high, while the ADP employment data showed an increase of 42,000 jobs, suggesting stabilization in the job market [3]