平安证券（香港）港股晨报-20251205

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 HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1][5] - The US stock market showed mixed results, with the Dow Jones down 31 points or nearly 0.1%, while the Nasdaq and S&P 500 saw slight increases [2] Key Companies Performance - WuXi Biologics saw a significant increase of 7.1% after receiving clinical trial approval for its selective 5-HT2A receptor agonist in the US [1][5] - WuXi AppTec rose by 5.4%, and Xiaomi Group increased by 4.4% [1] - Meta Platforms (META.US) rose by 3.4% amid reports of budget cuts to its metaverse plans [2] Investment Opportunities - The report emphasizes the attractiveness of low-valuation, high-dividend sectors in the Hong Kong market, particularly in technology and state-owned enterprises [3] - Key sectors to watch include artificial intelligence, semiconductors, and industrial software, which are expected to benefit from long-term growth opportunities [3] - The report suggests that the upstream non-ferrous metals sector may benefit from expectations of interest rate cuts by the Federal Reserve [3] IPO Market Insights - The Hong Kong IPO market is projected to raise at least 300 billion HKD in 2025, with an increase in the number of listings compared to the current year [9] - The Hong Kong Stock Exchange is expected to maintain its position as the top global IPO fundraising venue [9] Economic Data - Recent economic indicators show a decrease in unemployment claims in the US, bolstering investor confidence in potential interest rate cuts by the Federal Reserve [2] - The report highlights the importance of monitoring economic data, including personal income and spending, which are set to be released soon [14]