平安证券（香港）港股晨报-20251224

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%. The market turnover decreased to 82.799 billion [1][5] - The US stock market reacted positively to the unexpected annualized GDP growth rate of 4.3% for Q3, with the Dow Jones rising 0.2% to 48,442 points, and the Nasdaq increasing by 0.6% to 23,561 points, marking a new historical high for the S&P 500 [2][11] Sector Performance - In the Hong Kong market, local real estate, software, and 5G concept sectors saw significant declines, while gold stocks performed well [1][5] - Technology-related sectors, including short video concepts, mobile games, cloud computing, and artificial intelligence, showed weak performance, with notable declines in stocks like Kuaishou-W (-3.52%) and Tencent Holdings (-2.03%) [1][5] Investment Opportunities - The report emphasizes the attractiveness of low-valuation, high-dividend sectors in the Hong Kong market, suggesting that these areas remain appealing for capital allocation [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 highlights the potential for companies in the semiconductor and robotics sectors to continue attracting investor interest [3] Company Highlights - The report mentions that the aircraft leasing industry remains in an upward cycle, with a focus on a specific company, China Aircraft Leasing Group (2588.HK), which is expected to achieve a revenue of USD 2.557 billion in 2024, reflecting a year-on-year increase of 3.9% [10] - The company is projected to have a net profit of USD 924 million in 2024, up 20.9% year-on-year, with a return on equity (ROE) of 15.3% [10] Key Developments - The report notes that ByteDance's Volcano Engine has successfully upgraded its models, indicating a strong growth trajectory in the AI sector, with significant increases in token usage [9] - The Chinese AI industry is forming a commercial closed loop from upstream GPU chips to downstream large model applications, suggesting a robust growth environment for related companies [9]