平安证券（香港）港股晨报-20251127

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 in the Hong Kong Stock Connect [1][5] - The US stock market showed positive movement ahead of the Thanksgiving holiday, with the Dow Jones expected to rise for the fourth consecutive day [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's wide fluctuations [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 with lower valuations and higher dividends, particularly state-owned enterprises, are also attractive investment targets [3] Company Highlights - China Unicom (0762.HK) is highlighted for its strong performance in digital services, with a projected revenue of 45.4 billion yuan for its smart network business, reflecting a year-on-year growth of 4.3% [10] - The company has shown significant growth in its cloud revenue, which reached 37.6 billion yuan, up 18.6% year-on-year, and its data center revenue increased by 9.4% to 14.4 billion yuan [10] - China Unicom's average dividend yield over the past five years has exceeded 6%, with a projected interim dividend of 0.2841 yuan per share for 2025, marking a 14.5% increase [10] Sector Developments - The report notes the Chinese government's initiatives to enhance consumer goods supply and demand compatibility, aiming for a significant optimization of the supply structure by 2027 [9] - The 5G application initiative is highlighted, with goals to achieve a base station density of 38 per 10,000 people by 2027, indicating strong growth potential in telecommunications and related sectors [9] - The report suggests monitoring companies benefiting from the AI wave, including major telecom operators and AI server suppliers [9]