平安证券（香港）港股晨报-20260106

Core Insights - The report emphasizes the importance of "technological self-reliance" as a core theme for future developments in the Hong Kong stock market, suggesting active investment in related sectors [3] - The semiconductor and robotics sectors are highlighted as having good performance prospects due to supportive government policies [3] - The report indicates a renewed focus on Chinese assets, recommending attention to sectors benefiting from domestic consumption expansion and undervalued state-owned enterprises [3] Market Review - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61%, and the Hang Seng China Enterprises Index down 47 points or 0.49% [1] - The market turnover decreased to 82.799 billion, with net inflows of 484 million from the Stock Connect [1] - Notable performers included Kuaishou-W, which rose by 11.1%, and Innovent Biologics, which increased by 6.1% [1] U.S. Market Overview - The U.S. stock market saw gains, with the Dow Jones up 1.23% to 48,977.18 points, and the S&P 500 rising by 0.64% to 6,902.05 points [2] - Energy stocks surged as investors anticipated benefits from the reconstruction of Venezuela's oil infrastructure [2] - The report notes that geopolitical tensions following U.S. military actions in Venezuela did not significantly disrupt market stability [2] Industry Highlights - The software and information technology services sector in mainland China reported revenues exceeding 13 trillion RMB, growing by 13.3% year-on-year, with software exports reaching 56.89 billion USD [9] - The report suggests focusing on leading companies in the software sector, such as Yaxin Technology and Kingdee International, which are expected to benefit from ongoing technological advancements [9] - The report also mentions the government's action plan for solid waste management, which aims to promote green consumption and environmental sustainability [9] Stock Recommendations - The report recommends attention to China Software International (0354.HK), which has shown resilience despite a slight revenue decline, and is expected to benefit from AI and digital transformation initiatives [10] - The company reported a 130% year-on-year increase in AI business revenue, indicating strong growth potential [10] - The report suggests that the current price-to-earnings ratio of approximately 19 times is undervalued, making it a compelling investment opportunity [10]