平安证券（香港）港股晨报-20251217

Market Overview - The Hong Kong stock market experienced a downward trend, 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 0.63% and the Nasdaq up 0.23%, highlighting volatility in major indices [2] Sector Performance - In Hong Kong, local real estate, software, and 5G concept sectors saw significant declines, while gold stocks performed well [1] - Major tech stocks in the US, such as Tesla and Oracle, saw gains, while energy stocks like BP and Chevron faced declines [2] Investment Opportunities - The report emphasizes the attractiveness of undervalued high-dividend sectors in Hong Kong, suggesting that these areas remain appealing for capital allocation [3] - Key sectors to watch include artificial intelligence, semiconductors, and industrial software, which are expected to benefit from long-term growth opportunities [3] - Companies benefiting from anticipated Federal Reserve interest rate cuts and strong mid-year performance in upstream non-ferrous metals are also highlighted as potential investment targets [3] Company Highlights - Baidu is noted for its comprehensive AI strategy and expected revenue of 32.713 billion CNY in Q2 2025, despite a slight year-on-year decline [10] - The report suggests that Baidu's AI applications and innovations position it well for future growth, with a target price set at 138 HKD [10] - Companies like Xpeng Motors and BYD are recommended for their advancements in L3 autonomous driving technology and electric vehicle production [9]