港股收评：三大指数齐挫，恒指跌1.2%，医药股逆市走高

Market Overview - The Hong Kong stock market indices maintained a downward trend, with the Hang Seng Technology Index falling by 2.48%, the Hang Seng Index down by 1.2%, and the National Enterprises Index decreasing by 1.49% [1][2] - Despite the declines, the Hang Seng Index rose by 1.32% over the week, while the Hang Seng Technology Index and National Enterprises Index increased by 1.46% and 1.77%, respectively [1] Sector Performance - Major technology stocks collectively declined, with notable drops including NetEase down nearly 5% and Baidu down nearly 4% [2][3] - Apple-related stocks and automotive stocks experienced significant declines due to the impact of tariffs, with companies like 瑞声科技 (AAC Technologies) and 比亚迪电子 (BYD Electronics) both dropping over 6% [4][5] - The pharmaceutical sector saw gains, particularly in innovative Chinese drugs, with 复星医药 (Fosun Pharma) rising nearly 10% [2] - The livestock and meat sector performed well, with 德康农牧 (DeKang Agriculture) increasing over 14% amid rumors of supportive government policies [12][13] Individual Stock Movements - 石药集团 (Shijiazhuang Pharmaceutical Group) saw a significant increase, rising over 12% during the day due to potential transactions that could yield up to $5 billion [14] - The automotive retail sector faced widespread declines, with 首控集团 (First Holdings) dropping over 20% [8] - The cryptocurrency sector also faced losses, with 博雅互动 (Boyaa Interactive) down over 6% [9][10] Investment Outlook - According to research from 光大证券 (Everbright Securities), the current valuation of the Hang Seng Index is at a relatively low level, while the Hang Seng Technology Index is at historical lows, indicating a high investment cost-performance ratio for Hong Kong stocks [19] - The report suggests focusing on sectors benefiting from domestic supportive policies, including self-controllable technology, chips, and high-end manufacturing, as well as high-dividend low-volatility strategies in sectors like telecommunications and utilities [19]