平安证券（香港）港股晨报-20251117

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 Dow Jones down 0.65% and the Nasdaq up 0.13% [2] Industry Insights - The recent 6G Development Conference highlighted the integration of 6G technology with AI, computing networks, and industrial internet, marking a critical phase in its development [3] - The report suggests continued investment in sectors such as AI applications, semiconductors, and industrial software, which are seen as new productivity drivers [3] - Companies in the upstream non-ferrous metals sector are expected to benefit from anticipated interest rate cuts by the Federal Reserve [3] Company Performance - Baidu Group reported a revenue of 32.713 billion yuan for Q2 2025, a year-on-year decrease of 3.59%, but a quarter-on-quarter increase of 0.80% [10] - The company’s net profit for the same period was 7.322 billion yuan, reflecting a year-on-year growth of 33.42% [10] - Baidu's AI strategy was discussed at the Baidu World Conference, showcasing advancements in AI applications and a strong position in the search engine market [10] Economic Data - The Chinese economy showed a 3.8% year-on-year growth in the third quarter, leading to an upward revision of the annual growth forecast to 3.2% [11] - The North American and Asian regions saw significant inflows into gold ETFs in October, indicating a shift in investment preferences [11]