平安证券（香港）港股晨报-20251218

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 saw a net inflow of funds through the Stock Connect, totaling 4.84 million, with the Shanghai Stock Connect contributing 2.83 million and the Shenzhen Stock Connect 2.01 million [1] - The technology sector showed resilience, with major tech stocks like Tencent and Alibaba rising over 1% [1] US Market Performance - The US stock market indices closed lower, with the Dow Jones down 0.47%, Nasdaq down 1.81%, and S&P 500 down 1.16% [2] - Major tech stocks faced declines, including Tesla dropping over 4% and Nvidia and Google down over 3% [2] - Oracle's ambitious AI infrastructure expansion faced setbacks, impacting investor sentiment [2] Investment Opportunities - The report highlights the attractiveness of undervalued high-dividend sectors in the Hong Kong market, suggesting a focus on technology sectors such as AI, semiconductors, and industrial software [3] - Companies benefiting from the anticipated US Federal Reserve interest rate cuts and strong mid-term performance in the upstream non-ferrous metals sector are recommended for attention [3] - The report emphasizes the potential for long-term growth in leading companies within the semiconductor and robotics sectors [3] Company Highlights - China CNR Corporation announced several major contracts totaling approximately 53.31 billion, representing 21.6% of its projected revenue for 2024 [9] - China Minmetals plans to repurchase shares worth between 1 billion and 2 billion for A-shares and up to 500 million for H-shares, aiming to optimize its business structure [9] - Baidu's revenue for Q2 2025 is projected at 32.71 billion, with a year-on-year decline of 3.59%, while net profit is expected to grow by 33.42% [10]