Market Overview - The Hong Kong stock market indices collectively declined, with the Hang Seng Index stopping a three-day rise, closing down 0.48% at 23,792.54 points, with a total turnover of HKD 235.62 billion [1] - The Hang Seng China Enterprises Index fell 0.63% to 8,629.75 points, and the Hang Seng Tech Index also dropped 0.63% to 5,286.52 points [1] - For the week, the Hang Seng Index rose 2.16%, the China Enterprises Index increased by 2.34%, and the Tech Index gained 2.25% [1] Blue Chip Performance - Kuaishou-W (01024) continued its upward trend, rising 8.44% to HKD 59.1, contributing 22.8 points to the Hang Seng Index [2] - The annualized revenue run rate for Kuaishou's AI product exceeded USD 100 million as of March, with monthly payments surpassing RMB 100 million in April and May [2] - Other blue-chip stocks included CSPC Pharmaceutical Group (01093) up 12.72%, Hansoh Pharmaceutical (03692) up 2.84%, while SMIC (00981) fell 4.85% and Trip.com Group (09961) dropped 3.31% [2] Sector Highlights - Large tech stocks generally declined, with Xiaomi down over 2% and Alibaba down over 1%, while Kuaishou rose over 8% [3] - Precious metals saw gains, with China Silver Group rising 26% and silver prices reaching a 13-year high, driven by industrial demand [3] - The innovative drug sector saw gains, with CSPC Pharmaceutical up 12.72% and other biotech firms also performing well, indicating a positive outlook for the sector [4] Stablecoin Sector - The stablecoin sector experienced a pullback after Circle's successful NYSE listing, with China Everbright Holdings (00165) dropping 17.2% [5] - The Hong Kong government announced the implementation of the Stablecoin Regulation on August 1, 2025, which aims to reshape the regulatory framework for stablecoins [6] Automotive Sector - Automotive stocks declined, with XPeng Motors (09868) down 1.77% and Great Wall Motors (02333) down 1.76% [6] - Concerns over a price war in the automotive industry were raised, with profit margins for the sector declining [6] Notable Stocks - WanGuo Gold Group (03939) reached a new high, rising 11.73% to HKD 30, supported by positive mining contracts [7] - Xinyi Energy (03868) increased by 7.07% as it submitted listing materials for a solar power infrastructure REIT in China [8] - Juzhibio (02367) faced pressure, down 3.04%, amid ongoing controversies regarding its product composition [9]