平安证券（香港）港股晨报-20251230

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][5] - The market turnover decreased to 82.799 billion, with net inflows of 484 million in the Hong Kong Stock Connect [1][5] - The US stock market also saw declines, with the S&P 500 down 24 points or 0.4% to 6,905 points, following a recent record high [2] Investment Opportunities - The report highlights that the semiconductor and AI sectors remain attractive for investment, particularly in light of the government's focus on early-stage projects in these areas [3][9] - Companies like SMIC and Huahong Semiconductor are recommended for their potential in the domestic semiconductor industry, benefiting from favorable policies [9] - The report suggests continued interest in high-dividend sectors and state-owned enterprises with low valuations [3] Company Performance - BYD and Geely Auto showed positive performance, with BYD up 3.74% and Geely up 3.43%, the latter having repurchased 22.434 million shares recently [1][5] - Tencent and Xiaomi reported share buybacks, indicating confidence in their stock valuations [12] - China Railway achieved a revenue of 773.814 billion yuan in the first three quarters of 2025, despite a year-on-year decline of 5.46% [10] Economic Indicators - The report notes that China's ETF market reached a record high of 6.03 trillion yuan, reflecting a growth of over 60% year-to-date [9] - Industrial profits in China showed a slight increase of 0.1% year-on-year for the first eleven months [11] - The report emphasizes the importance of maintaining a focus on sectors that benefit from anticipated interest rate cuts by the Federal Reserve [3]