平安证券（香港）港股晨报-20251126

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 US stock market saw all three major indices rise, with the Dow Jones up 1.43% and the S&P 500 up 0.91% [2] - The report highlights the importance of selecting undervalued sectors and companies in the current market environment [3] Key Sectors and Companies - The report emphasizes the potential of the technology sector, particularly in artificial intelligence, semiconductors, and industrial software, as a core growth area for the Hong Kong market [3] - Companies in the central state-owned enterprises with lower valuations and higher dividends are recommended for investment [3] - The upstream non-ferrous metals sector is expected to benefit from anticipated interest rate cuts by the Federal Reserve and strong mid-term performance [3] Notable Company Performances - Alibaba reported a revenue of 247.8 billion yuan for the second quarter of fiscal year 2026, exceeding market expectations, with a significant focus on AI investments [9] - Tencent has opened its mixed-precision OCR model, indicating advancements in AI technology [12] - Baidu's intelligent cloud is leading the establishment of the first national standard for intelligent cloud services, set to be implemented in February [12] Investment Recommendations - The report suggests actively monitoring companies like China Unicom, which has shown growth in its digital services and R&D investments, with a target price of HKD 10.1 and a stop-loss price of HKD 8.3 [10] - The report also highlights the potential of companies in the aerospace sector, particularly those involved in commercial space development, as the industry is expected to grow significantly by 2027 [9]