港股收评：恒指上半年累涨20%！新消费、稳定币崛起

Market Overview - The Hong Kong stock market experienced a decline on the last trading day of June, with the Hang Seng Index closing down 0.87% at 24,072.28 points, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index fell by 0.96% and 0.72% respectively [1][2] - Despite the decline on the last day, the Hong Kong stock market ended June positively, with the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index recording gains of 3.36%, 2.92%, and 2.56% respectively for the month, and 20%, 19.05%, and 18.68% year-to-date [2][3] Sector Performance - Large technology stocks showed mixed performance, with Xiaomi and NetEase rising over 1%, while Meituan and Alibaba fell by over 3% and 2% respectively [5][6] - The new consumption sector saw a collective rise, while military stocks remained strong throughout the day. Consumer electronics and biomedicine stocks also performed well [3][8] - The gold and precious metals sector faced declines, with major companies like Long Resources and Zijin Mining dropping over 3% and 2% respectively, as spot gold prices fell below $3,260 per ounce [10] Investment Trends - The cryptocurrency sector saw significant gains, with New Fire Technology Holdings surging over 31%, and other related stocks like Guotai Junan International and OK Blockchain rising by over 13% and 12% respectively, following legislative developments regarding stablecoins in the U.S. and Hong Kong [6][7] - The pharmaceutical outsourcing sector experienced notable increases, with companies like Zhaoyan New Drug and Tigermed rising over 12% and 7% respectively, driven by regulatory changes aimed at expediting clinical trial approvals [8] - Aerospace and defense stocks were active, with companies like Mainland Aviation Technology Holdings and AVIC rising by over 6% and 4% respectively, as global military trade demand increases amid geopolitical tensions [9] Capital Flows - Southbound capital saw a net inflow of HKD 5.22 billion, with significant contributions from both Shanghai and Shenzhen stock connect [12] Future Outlook - Standard Chartered Wealth expressed concerns over potential downward risks for the Hong Kong market, including geopolitical uncertainties in the Middle East and inflation-related worries, while setting a target of 25,500 points for the Hang Seng Index over the next 12 months [14]