平安证券（香港）港股晨报-20260225

Market Overview - The Hong Kong stock market experienced a decline, 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 saw all three major indices rise, with the Dow Jones up 0.76%, S&P 500 up 0.77%, and Nasdaq up 1.04% [2] Sector Performance - In the Hong Kong market, local real estate, software, and 5G concept sectors faced significant declines, while gold stocks performed well [1] - The Hang Seng Technology Index fell by 2.13%, with notable declines in companies like Kingdee International and SenseTime [1] - In the US, semiconductor stocks generally rose, with AMD increasing by over 8% and Intel by over 5% [2] Investment Outlook - The report emphasizes the importance of technology self-reliance and AI applications as key themes for future performance in the Hong Kong stock market, with leading companies in these sectors expected to benefit from long-term growth opportunities [3] - The report suggests focusing on sectors supported by policies aimed at expanding domestic consumption, such as sports apparel and non-essential services [3] - It highlights the continued value of investing in Hong Kong stocks centered around Chinese assets, particularly state-owned enterprises with low valuations and high dividends [3] Key Company Updates - Meta has signed a multi-year agreement with AMD to deploy up to 6 GW of AMD Instinct GPUs for AI infrastructure, which is expected to boost demand for AI semiconductors [9] - The report recommends monitoring companies like Huahong Semiconductor and ASMPT, which are likely to benefit from increased investments in computing power and infrastructure [9] - The People's Bank of China announced a 600 billion CNY MLF operation, indicating ongoing liquidity support, which may benefit state-owned enterprises like China Tower and China Unicom [10]