平安证券（香港）港股晨报-20251208

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][5] - The US stock market saw slight gains, with the Dow Jones up 0.22% and the S&P 500 up 0.19%, driven by expectations of interest rate cuts and easing inflation [2][5] - The net inflow of southbound funds into Hong Kong stocks reached 121.9 billion HKD in November, indicating continued interest from mainland investors [3] Key Sectors - The local real estate, software, and 5G sectors faced declines, while gold stocks performed well [1][5] - Technology stocks, particularly in AI and semiconductor sectors, showed resilience and potential for long-term growth opportunities [3][9] - The report highlights the attractiveness of high-dividend and undervalued sectors for investment, particularly state-owned enterprises [3] Company Highlights - Baidu Group saw a significant increase of 5.01% in its stock price, with news of its subsidiary Kunlun Chip planning to list in Hong Kong [1][5] - The report suggests focusing on companies benefiting from AI advancements, such as Alibaba and Baidu, which are expected to gain from self-built large models [9] - China Railway Group reported a revenue of 773.814 billion CNY for the first three quarters of 2025, with a notable performance in its mineral resources segment [10] Investment Recommendations - The report recommends continued attention to sectors like AI applications, semiconductors, and industrial software, which are seen as key growth areas [3] - It also suggests monitoring companies in the upstream non-ferrous metals sector that are expected to benefit from favorable market conditions [3] - The report emphasizes the potential of companies involved in AI-enabled technologies and their applications across various industries [3]