平安证券（香港）港股晨报-20251110

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 market turnover decreased to 82.799 billion, with net inflows of 484 million from the Hong Kong Stock Connect [1] - The US stock market showed mixed results, with the Nasdaq down 0.21% and the S&P 500 up 0.13% [2] Sector Performance - In Hong Kong, local real estate, software, and 5G concept sectors saw significant declines, while gold stocks performed well [1] - The AI sector, particularly leading companies like Nvidia and AMD, faced downward pressure, contributing to the overall market decline [2] Investment Recommendations - The report emphasizes the importance of technology self-reliance as a core theme for future Hong Kong stock performance, suggesting a focus on AI applications, semiconductors, and industrial software [3] - It is recommended to pay attention to state-owned enterprises with low valuations and high dividends, as well as upstream non-ferrous metals benefiting from expected interest rate cuts [3] Key Company Insights - China Aircraft Leasing Group (2588 HK) is highlighted as a leading aircraft leasing company, with projected revenues of USD 2.557 billion in 2024, reflecting a year-on-year increase of 3.90% [10] - The company is expected to benefit from the ongoing demand for aircraft amid supply chain constraints, with a target price set at 77 HKD [10] Economic Indicators - China's foreign exchange reserves rose to USD 3.34 trillion at the end of October, marking three consecutive months of increase [11] - The US consumer confidence index for November dropped to 50.3, the lowest level since June 2022, indicating potential economic concerns [2][11]