平安证券（香港）港股晨报-20251119

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 in the Hong Kong Stock Connect [1] - The US stock market also saw declines, with the Dow Jones down 1.07% and the S&P 500 down 0.83%, marking the fourth consecutive day of losses for both indices [2] Industry Insights - The report highlights the potential for investment in undervalued sectors, particularly in local real estate, software, and 5G concepts, which have shown significant declines [1] - The report emphasizes the importance of self-reliance in technology as a core theme for future growth in the Hong Kong market, suggesting that leading companies in AI, semiconductors, and industrial software may present long-term opportunities [3] - The automotive industry, particularly in electric vehicles, is noted for its rapid growth, with a significant increase in exports of new energy vehicles, which rose by 99.9% year-on-year [9] Company Highlights - Baidu Group is recognized for its advancements in AI and smart driving, with a reported revenue of 32.713 billion yuan in Q2 2025, despite a year-on-year decline of 3.59% [10] - Xiaomi Group reported a non-IFRS net profit increase of 80.9% year-on-year to 11.31 billion yuan in Q3 2025, exceeding expectations [11] - Xpeng Motors experienced a significant drop of over 10% in stock price, reflecting challenges in the electric vehicle sector [1][16]