平安证券（香港）港股晨报-20251124

Market Overview - The Hong Kong stock market experienced significant fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1][5] - The market turnover decreased to 82.799 billion, with net inflows of 484 million from the Stock Connect [1][5] - The US stock market saw all three major indices rise, with the Dow Jones up 1.08% and the S&P 500 up 0.98% [2] Investment Opportunities - The report emphasizes the importance of selecting undervalued sectors and companies in the current market environment, particularly in technology and state-owned enterprises [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 companies in the upstream non-ferrous metals sector may benefit from expectations of interest rate cuts by the Federal Reserve [3] Company Highlights - JD Health saw a significant drop of 8.6% due to concerns over semiconductor demand and tech stock sell-offs [1] - Xiaomi Group's stock increased by 1.01% after the company repurchased 13.5 million shares for 508 million HKD [1] - Tencent Holdings and Alibaba are highlighted as key players in the technology sector, with Tencent recently repurchasing shares and Alibaba launching new AI products [12][9] Sector Performance - The report notes that local real estate, software, and 5G concept sectors experienced the largest declines, while gold stocks performed well [1] - The semiconductor industry is projected to see explosive growth, with China's AI chip market expected to grow from 142.537 billion to 1,336.792 billion by 2029, reflecting a compound annual growth rate of 53.7% [9] - The report recommends focusing on leading companies in the domestic semiconductor foundry industry, such as Hua Hong Semiconductor and SMIC [9]