平安证券（香港）港股晨报-20251125

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] - The US stock market saw all three major indices rise, with the Dow Jones up 0.44% to 46,448.27 points, the S&P 500 up 1.55% to 6,705.12 points, and the Nasdaq up 2.69% to 22,872.01 points [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, industrial software, and upstream non-ferrous metals benefiting from anticipated interest rate cuts by the Federal Reserve [3] - The report highlights the potential for long-term growth in leading companies within the technology sector, as evidenced by significant stock price increases for Alibaba and other tech giants [3] Company Highlights - Kuaishou-W saw a substantial increase of 7.11%, attributed to accelerated commercialization of its AI capabilities and strong e-commerce performance in Q3 [1] - NetEase-S also performed well, rising by 5.87% [1] - China Unicom is noted for its robust performance in digital services, with a projected revenue of 45.4 billion CNY for its smart network business in H1 2025, reflecting a year-on-year growth of 4.3% [9] Sector Insights - The "5G + Industrial Internet" initiative is gaining traction, with over 1,200 5G factories established and investments exceeding 50 billion CNY, leading to improvements in product quality and operational efficiency [8] - The software and information technology services sector is performing well, with expectations for further expansion driven by advancements in 5G and upcoming 6G technologies [8]