平安证券（香港）港股晨报-20260105

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 484 million HKD, with 283 million HKD from Shanghai and 201 million HKD from Shenzhen [1] - The semiconductor sector in Hong Kong showed strong performance, with the Wind Hong Kong Semiconductor Index rising by 7.87% [1] US Market Performance - The US stock market opened the year with mixed results; the Dow Jones increased by 0.66%, the S&P 500 by 0.19%, while the Nasdaq fell by 0.03% [2] - The semiconductor sector in the US saw significant gains, with the Philadelphia Semiconductor Index rising by 4% [2] - TSMC received a yearly license from the US government, allowing it to export chip manufacturing equipment to its Nanjing plant in 2026 [2] Investment Outlook - The Hong Kong market is expected to continue experiencing wide fluctuations, but southbound capital remains a significant net inflow, totaling 1,404.8 billion HKD in 2025, surpassing the 807.9 billion HKD inflow in 2024 [3] - The report emphasizes the importance of "technological self-reliance" as a core theme for future investments in Hong Kong stocks, particularly in sectors like semiconductors and robotics [3] - Recommendations include focusing on sectors supported by policies for "expanding domestic demand," such as sports apparel and non-essential services, as well as undervalued state-owned enterprises with high dividends [3] Key Company Highlights - Baidu Group's stock rose over 9% as it submitted a mainboard listing application for its subsidiary Kunlun Chip [1] - Netease-S saw a 6.6% increase, with its game "Yanyun" topping the iOS game sales chart in China [1] - In the US market, Micron Technology surged over 10%, while Nvidia and Intel also saw significant gains [9] Electric Vehicle Market - BYD surpassed Tesla in global electric vehicle sales in 2025, with a total of 4.6024 million units sold, a year-on-year increase of 7.73% [9] - Tesla's production and delivery numbers for Q4 2025 showed a decline, with production at 434,400 units, down 5.46% year-on-year [9] - The report suggests monitoring companies involved in the electric vehicle supply chain, including XPeng Motors and BYD [9]