平安证券（香港）港股晨报-20251118

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 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 also faced declines, with the Dow Jones falling 1.2% to 46,590 points, influenced by pressure on the technology sector [2] Sector Performance - In the Hong Kong market, local real estate, software, and 5G concept sectors saw significant declines, while gold stocks performed well [1] - The technology sector in the US was notably affected, with major companies like Nvidia and Apple experiencing stock price drops [2] - The report highlights the performance of various sectors, indicating that electric equipment, pharmaceutical, non-ferrous metals, chemicals, and banking sectors underperformed, while software services, consumer goods, coal, and real estate sectors showed strength [1] Investment Opportunities - The report suggests continued focus on sectors such as artificial intelligence, semiconductors, and industrial software, which are seen as new productivity drivers [3] - It emphasizes the value of Hong Kong stocks with Chinese assets, particularly in state-owned enterprises with lower valuations and higher dividends [3] - The report also points to opportunities in upstream non-ferrous metals benefiting from expectations of interest rate cuts by the Federal Reserve [3] Company Highlights - Baidu, as the largest Chinese search engine, is expanding its AI capabilities, with a focus on intelligent driving and related technologies [10] - The company reported a revenue of 32.713 billion CNY for Q2 2025, a year-on-year decrease of 3.59%, but a net profit increase of 33.42% [10] - The report indicates that Baidu's AI applications are gaining traction, with significant advancements in its AI strategy shared during the Baidu World Conference [10] Economic Data - The Ministry of Finance reported that the national general public budget revenue for the first ten months of the year reached 18.65 trillion CNY, a year-on-year increase of 0.8% [9] - The report highlights a significant increase in securities transaction stamp duty, which rose by 88.1% year-on-year, indicating an active secondary market [9] - The report also notes that the total credit card receivables in Hong Kong reached 151 billion HKD by the end of Q3 2025, reflecting a growing consumer credit environment [11]