平安证券（香港）港股晨报-20251120

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, with net inflows of 484 million from the Hong Kong Stock Connect [1] - The US stock market saw gains, with the Dow Jones up 0.10% and the Nasdaq up 0.59%, driven by positive earnings from Nvidia [2] Investment Opportunities - The report emphasizes the importance of selecting undervalued sectors and companies, particularly in the energy sector, which saw a 1.55% increase [3] - Key sectors to focus on include artificial intelligence, semiconductors, and industrial software, which are expected to benefit from long-term growth opportunities [3] - The report suggests that state-owned enterprises with low valuations and high dividends are also worth considering [3] Company Performance - Xiaomi Group's stock fell by 4.8%, raising concerns about the sustainability of its smartphone and automotive business growth [1] - Nvidia reported strong earnings, exceeding Wall Street expectations, which positively impacted other semiconductor stocks [2] - Tencent repurchased approximately 636 million HKD worth of shares, indicating confidence in its stock [12] Sector Analysis - The local real estate, software, and 5G sectors faced declines, while gold stocks performed well against the market trend [1] - The report highlights the potential for growth in the upstream non-ferrous metals sector, benefiting from expectations of interest rate cuts by the Federal Reserve [3] - The report also notes the importance of technology sectors empowered by artificial intelligence, suggesting that leading companies in these areas may see significant growth [3]