平安证券（香港）港股晨报-20251121

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 opened high but closed lower, with the Dow Jones down 0.84%, S&P 500 down 1.56%, and Nasdaq down 2.15% [2] Investment Opportunities - The report emphasizes the importance of selecting undervalued sectors and companies in the current market environment, particularly in the context of the Hong Kong stock market [3] - Key sectors to focus on include artificial intelligence, semiconductors, and industrial software, which are seen as new productivity drivers [3] - The report suggests that state-owned enterprises with lower valuations and higher dividends are also attractive investment options [3] Company Highlights - Baidu Group is highlighted for its AI strategy and recent stock performance, with a 2.4% increase despite market fluctuations [3][10] - The company 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] - Baidu's core revenue was 26.251 billion yuan, with a non-GAAP net profit of 4.792 billion yuan, reflecting a year-on-year decline of 34% [10] Sector Analysis - The report indicates that the real estate sector is stabilizing, with recent government measures aimed at promoting healthy market development [9] - The construction sector is expected to benefit from the Belt and Road Initiative, with recommendations to focus on leading state-owned enterprises like China Railway and China State Construction [9] - The report also notes the potential for growth in the upstream non-ferrous metals sector, benefiting from expectations of interest rate cuts by the Federal Reserve [3]