平安证券（香港）港股晨报-20251113

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 saw a net inflow of funds through the Hong Kong Stock Connect, totaling 484 million, with 283 million from Shanghai and 201 million from Shenzhen [1] - The US stock market showed mixed performance, with the Dow Jones Industrial Average closing above 48,000 points for the first time, driven by gains in major bank stocks [2] Real Estate Sector - The Hong Kong real estate sector has shown strong performance, with New World Development's new project pricing 29% higher than the previous phase [3] - Hong Kong property prices have rebounded by 4% from their lows, benefiting from strong rental demand and easing sales pressure [3] - The report emphasizes the potential for local real estate developers to capitalize on these trends [3] Technology Sector - The report highlights the importance of self-reliance in technology as a core theme for future Hong Kong stock performance, particularly in AI, semiconductors, and industrial software [3] - Companies in the technology sector are expected to present new investment opportunities following recent volatility [3] Investment Recommendations - The report suggests focusing on sectors with undervalued companies and high dividend yields, particularly state-owned enterprises [3] - It also recommends monitoring upstream non-ferrous metals companies that may benefit from anticipated interest rate cuts by the Federal Reserve [3] - The report encourages attention to companies benefiting from AI integration across various industries [3] Key Company Performances - New World Development's stock has shown significant gains, with a notable increase in its project pricing [3] - The report mentions specific companies like ZTE Corporation and China Communications Services as leaders in computing power construction [9] - The report also highlights the performance of various stocks, including those in the technology and real estate sectors, indicating a mixed performance trend [15]