平安证券（香港）港股晨报-20260108

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 turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1] - The US stock market showed mixed results, with the Nasdaq up 0.16% while the S&P 500 and Dow Jones fell by 0.34% and 0.94% respectively [2] Sector Performance - In the Hong Kong market, local real estate, software, and 5G concept sectors saw significant declines, while gold stocks performed well [1] - The technology sector in the US saw most large tech stocks rise, with Intel increasing over 6% and Google surpassing a market cap of 3.89 trillion USD [2] - The Nasdaq Golden Dragon China Index fell by 1.58%, with Alibaba down 2.6% [2] Investment Outlook - The report highlights a sustained net inflow of capital into Hong Kong stocks, with a projected net inflow of 1,404.8 billion HKD for 2025 [3] - Key investment themes include "self-reliance in technology," focusing on AI, semiconductors, and industrial software, which are expected to benefit from government policies [3] - The report suggests monitoring sectors supported by domestic consumption policies, undervalued state-owned enterprises, and upstream non-ferrous metals benefiting from anticipated interest rate cuts in 2026 [3] Company Highlights - China Software International (0354.HK) reported a revenue of 16.951 billion HKD in 2024, a slight decline of 1% year-on-year, with a net profit of 513 million HKD, down 28.1% [10] - The company’s AI business achieved a revenue of 656 million HKD in the first half of 2025, marking a significant year-on-year growth of 130% [10] - The report recommends actively monitoring China Software International due to its low valuation and strong growth potential in AI applications [10] Market Trends - The report emphasizes the importance of the "Artificial Intelligence + Manufacturing" initiative, aiming for significant advancements in AI technology and applications by 2027 [9] - It suggests that the AI sector is forming a commercial closed loop from upstream GPU chips to downstream applications, indicating strong growth potential for leading companies in this space [9]