平安证券（香港）港股晨报-20251215

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, with net inflows of 484 million in the Hong Kong Stock Connect [1] - The US stock market faced pressure from negative news regarding major tech companies, leading to declines in major indices, including a 1.69% drop in the Nasdaq Composite Index [2] Industry Insights - The AI industry in China is accelerating, with the core industry expected to exceed 1 trillion yuan by 2025. The application of large models in manufacturing has increased from 19.9% to 25.9% this year [3] - The report emphasizes that technological self-reliance will be a core theme for the Hong Kong stock market, with leading companies in relevant sectors likely to see long-term growth opportunities [3] - Investment recommendations include focusing on sectors such as AI applications, semiconductors, and state-owned enterprises with low valuations and high dividends [3] Company Performance - Baidu Group is highlighted for its AI strategy and performance, with a projected revenue of 32.713 billion yuan for Q2 2025, showing a year-on-year decline of 3.59% but a quarter-on-quarter increase of 0.80% [10] - The report suggests that Baidu's core business remains stable, with growth potential in its AI-driven cloud services [10] - Other companies mentioned for potential investment include Semiconductor Manufacturing International Corporation and ZTE Corporation, which are positioned to benefit from the modernization of China's industrial system [9]