平安证券（香港）港股晨报-20251204

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 gains, with the Dow Jones rising by 408.44 points or 0.86%, closing at 47,882.90 points [2] Sector Performance - In Hong Kong, local real estate, software, and 5G concept sectors faced significant declines, while gold stocks performed well [1] - The technology sector in Hong Kong saw a broad retreat, with the Hang Seng Technology Index dropping by 1.58% [1][5] - The copper price reached a historical high due to supply concerns and a weaker dollar, with a year-to-date increase of 31% [9] Investment Opportunities - The report emphasizes the attractiveness of low-valuation, high-dividend sectors in Hong Kong, particularly in technology, artificial intelligence, semiconductors, and industrial software [3] - Companies benefiting from the anticipated US Federal Reserve interest rate cuts and strong mid-term performance in the upstream non-ferrous metals sector are highlighted as potential investment opportunities [3] - The report suggests focusing on leading companies in the AI and technology sectors, which are expected to benefit from self-reliance initiatives [3] Company Highlights - Alibaba's "Qianwen" app has shown significant growth, ranking first in global AI application growth with a monthly active user growth rate of 149.03% [9][12] - China Software International (0354.HK) is noted for its strong positioning in IT services and its collaboration with Huawei, with projected revenue of 16.951 billion CNY for 2024 [10] - The report indicates that leading companies in copper mining and smelting, such as China Nonferrous Metal Mining (1258.HK) and Luoyang Molybdenum (3993.HK), are worth monitoring due to the tight supply-demand balance in the copper market [9]