平安证券（香港）港股晨报-20251201

Market Overview - The Hong Kong stock market experienced a decline, 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][5] - The US stock market saw all three major indices rise, with the Dow Jones up 0.61%, S&P 500 up 0.54%, and Nasdaq up 0.65% [2] Sector Performance - In Hong Kong, local real estate, software, and 5G concept sectors faced significant declines, while gold stocks performed well [1][5] - The US market saw a strong performance in gold stocks, with Pan American Silver rising over 7% and other gold companies also showing gains [2] Investment Opportunities - The report emphasizes the importance of technology self-reliance as a core theme for future performance in the Hong Kong stock market, suggesting that leading companies in this sector may see long-term growth opportunities [3] - Recommended sectors for investment include artificial intelligence, semiconductors, industrial software, and state-owned enterprises with low valuations and high dividends [3] - The report highlights the potential of upstream non-ferrous metals benefiting from expectations of interest rate cuts by the Federal Reserve [3] Company Highlights - ZTE Corporation, recommended four times this year, recorded an 11% weekly increase, validating the report's bullish stance on certain technology stocks [3] - Alibaba Group's co-founder expressed views on the AI competition, suggesting that the true winners will be those who effectively utilize AI technologies rather than just having the best models [8] Stock Recommendations - The report suggests focusing on companies like China Software International (0354.HK), which has a strong position in IT services and is involved in Huawei's HarmonyOS development, indicating a promising future with expected revenue growth [9] - The report anticipates that the company will achieve a net profit of 680 million RMB in 2025, suggesting it is undervalued with a PE ratio of around 19 times [9]