Today, the three major indices of the Hong Kong stock market expanded their losses in the afternoon, with the Hang Seng Technology Index dipping to 1.5% near the close, ultimately down by 1.24%. The Hang Seng Index and the guotai index fell by 0.53% and 0.79% respectively, reflecting weak market sentiment.

On the market, most large technology stocks fell, with Kuaishou leading the decline down 11.7%, Meituan falling 1.2%, and Tencent, alibaba, and baidu all in the red, while netease and xiaomi rose against the trend.

Fitch Bohua expects significant short-term pressure on housing price adjustments, with mainland real estate stocks noticeably declining. Radiance hldgs dropped more than 11%, while R&F properties and sunac both fell over 9%. Steel stocks, home appliances, and other parts of the industry chain also declined. Despite opening high due to bullish news, most solar stocks turned lower, while defense, biotechnology, heavy infrastructure, dining, beer, and hk based consumer companies all fell.

On the other hand, bitcoin approached 0.1 million dollars, continuously setting new historical highs. Cryptos concept stocks performed actively, with small-cap stock linekong soaring 54.6%, while education stocks and apple supplier stocks mostly rose.

Specifically:

The contract research organizations concept saw a significant drop, with tigermed and pharmaron falling over 3%, wuxi apptec and wuxi bio dropping over 2%, joinn laboratories, genscript bio, and viva biotech declining over 1%.

Mainland real estate stocks have been on a continuous decline, with radiance hldgs dropping over 11%, r&f properties and sunac falling over 9%, shimao group and sino-ocean gp decreasing over 6%, zhongliang hldg, ronshinechina, and cifi hold gp dropping over 4%, agile group declining over 3%, and china vanke falling over 2%.

Beer stocks fell across the board, with tsingtao brewery and china res beer dropping over 2%, and bud apac and san miguel hk declining over 1%.

The defense stocks fell, with con aero tech dropping over 6%, cssc offshore & marine engineering falling over 2%, and avichina declining nearly 2%.

The sporting goods sector declined, with china dongxiang falling over 4%, honmagolf and taobao dropping over 2%, and anta sports declining over 1%.

Education stocks strengthened, with new oriental-s and beststudy edu rising over 3%.

Cryptos concept stocks rose, with linekong increasing over 54%, boyaa rising over 17%, and okg tech and osl group growing over 2%.

Nuclear power stocks rose, with cgn power and cgn mining increasing over 1%.

Aviation stocks have been rising for several consecutive days, with Cathay Pacific rising over 2%, Air China Limited, Peking Capital International Airport, and Calc rising over 1%, and China Eastern Airlines slightly up.

On the individual stock level, Hua Hong Semi rose over 4%, trading at HKD 22.05 per share, with a total market capitalization of HKD 37.8 billion.

European chip giant STMicroelectronics announced a collaboration with Hua Hong Semi, planning to achieve production of 40nm process MCU chips at Hua Hong's Wuxi factory by the end of 2025 to support mid to long-term revenue goals.

Today, southbound funds net bought HKD 4.508 billion, with Hong Kong Stock Connect (Shanghai) net buying HKD 2.64 billion and Hong Kong Stock Connect (Shenzhen) net buying HKD 1.868 billion.

Looking ahead, Citic Sec believes that as a series of policies in China gradually take effect and investor expectations continue to improve, the Hong Kong stock market will welcome a reversal trend, suggesting attention to: 1) strong beta attributes in non-bank financials, especially insurance and the Hong Kong Stock Exchange; 2) Technology and consumer sectors are expected to experience ongoing valuation recovery trends, including internet, consumer electronics, biotech, and education training.