平安证券（香港）港股晨报-20251222

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 net inflow of funds through the Hong Kong Stock Connect was HKD 484 million, with the Shanghai Stock Connect contributing HKD 283 million and the Shenzhen Stock Connect contributing HKD 201 million [1] - The US stock market saw all three major indices rise, with the Dow Jones up 0.38%, the Nasdaq up 1.31%, and the S&P 500 up 0.88% [2] Sector Performance - In the Hong Kong market, local real estate, software, and 5G concept sectors saw significant declines, while gold stocks performed well [1] - In the US market, large technology stocks generally rose, with Oracle up over 6%, Nvidia up nearly 4%, and Broadcom up over 3% [2] - The biopharmaceutical sector in Hong Kong saw a general increase, with WuXi Biologics rising over 4% [1] Investment Opportunities - The report emphasizes that low-valued high-dividend sectors remain attractive for investment in Hong Kong stocks, particularly in December, which saw a net inflow of HKD 24.2 billion [3] - Key sectors to watch include artificial intelligence applications, semiconductors, and industrial software, which are expected to benefit from long-term growth opportunities [3] - The report suggests focusing on leading companies in the semiconductor and robotics sectors, as well as state-owned enterprises with low valuations and high dividends [3] Notable Company Developments - Changan Automobile received the first L3 autonomous driving license in China, marking a significant step towards commercial application of L3 autonomous driving technology [9] - The report highlights the launch of new GPU architectures by Moore Threads, which could enhance the domestic semiconductor industry [9] - Companies such as BYD and XPeng Motors are recommended for their potential in the electric vehicle market, particularly as AI applications in driving technology expand [9]