平安证券（香港）港股晨报-20251229

Group 1: 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 decrease in trading volume, with total turnover dropping to 82.799 billion [1] - The net inflow of funds through the Hong Kong Stock Connect was 484 million, with Shanghai and Shenzhen contributing 283 million and 201 million respectively [1] Group 2: Sector Performance - Local real estate, software, and 5G concept sectors faced significant declines, while gold stocks performed well [1] - Nuclear power and semiconductor sectors showed strong performance, with China General Nuclear Power rising over 5% and SMIC increasing by 3.12% [1] Group 3: US Market Insights - The US stock market saw slight declines, with the Nasdaq down 0.09%, Dow Jones down 0.04%, and S&P 500 down 0.03% [2] - Major tech stocks had mixed results, with Tesla dropping over 2% and Nvidia rising over 1% [2] - The Nasdaq China Golden Dragon Index rose by 0.72%, with notable gains in companies like Xpeng and NIO [2] Group 4: Future Market Outlook - The Hong Kong stock market is expected to continue experiencing wide fluctuations, but southbound funds have maintained a net inflow of 26.7 billion HKD in December [3] - Low valuation and high dividend sectors remain attractive for investment, particularly in technology and state-owned enterprises [3] - Key areas for investment include artificial intelligence, semiconductors, and industrial software, as well as upstream non-ferrous metals benefiting from anticipated interest rate cuts [3] Group 5: Investment Recommendations - The report highlights the potential of companies in the infrastructure sector, with China Railway (0390.HK) showing promising performance despite a slight decline in traditional business revenue [10] - The mining sector is noted for its strong performance, with a significant increase in revenue and profit margins [10] - The report suggests a focus on companies that are well-positioned to benefit from advancements in AI and technology [9]