平安证券（香港）港股晨报-20251211

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, with net inflows of 484 million in the Hong Kong Stock Connect [1] - The US Federal Reserve announced another interest rate cut, leading to gains in the US stock market, with the Dow Jones rising 497 points or 1.1% to 48,057 points [2] Investment Opportunities - The report emphasizes the attractiveness of undervalued high-dividend sectors in the Hong Kong market, suggesting that these areas are suitable for capital allocation [3] - Key sectors to focus on include artificial intelligence, semiconductors, industrial software, and state-owned enterprises with low valuations and high dividends [3] - The semiconductor and robotics sectors are highlighted as areas for continued attention, with leading companies expected to benefit from long-term growth opportunities [3] Company Highlights - Volkswagen Group has shifted decision-making authority for new energy vehicle development to its Chinese team, enhancing local autonomy [9] - Alibaba's Qwen team launched a new multimodal model, Qwen3-Omni-Flash, which supports seamless input and output across various media types [9] - Tencent has been active in share buybacks, repurchasing 1.06 million shares for 636 million [12] Stock Performance - The Hang Seng Index has shown a 1-year performance increase of 29%, while the Hang Seng Technology Index has risen by 26% [15] - Notable stock performances include Alibaba, which has increased by 84% over the past year, and Tencent, which has risen by 50% [15]