平安证券（香港）港股晨报-20251128

Market Overview - The Hong Kong stock market is experiencing wide fluctuations, with a focus on selecting undervalued sectors and companies as a strategic approach [3] - The report emphasizes that sectors related to technology independence and self-reliance are expected to be a core theme for the future performance of the Hong Kong market, with leading companies in these sectors likely to see medium to long-term growth opportunities [3] - The report suggests continued attention to sectors such as artificial intelligence, semiconductors, and industrial software, as well as state-owned enterprises with low valuations and high dividends [3] Company Highlights - China Unicom (0762.HK) reported a revenue of 45.4 billion yuan for its smart network business in the first half of 2025, marking a year-on-year increase of 4.3%, with this segment accounting for 26% of its main business revenue [10] - The company’s cloud revenue reached 37.6 billion yuan, up 18.6% year-on-year, while data center revenue was 14.4 billion yuan, reflecting a 9.4% increase [10] - China Unicom's net profit attributable to shareholders for the first half of 2025 was 14.5 billion yuan, a 5% increase year-on-year, indicating enhanced profit release capability and continuous shareholder returns [10] Industry Trends - The report highlights the significant growth in the generative artificial intelligence sector, with user numbers reaching 515 million in the first half of the year [11] - The construction of large-scale data centers in Beijing aims to enhance AI computing power, indicating a strategic move towards space-based computing capabilities [9] - The report suggests that the development of space computing will further expand the business opportunities for domestic AI servers and related industries [9]