Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.87% to close at 24,072.28 points, and a total trading volume of HKD 242.34 billion [1] - The Hang Seng China Enterprises Index decreased by 0.96%, while the Hang Seng Tech Index dropped by 0.72% [1] - Year-to-date, the Hang Seng Index has increased by 20%, the China Enterprises Index by 19.05%, and the Tech Index by 18.68% [1] Blue-Chip Stocks Performance - Li Auto (02015) led the decline among blue-chip stocks, falling by 3.25% to HKD 107, with a trading volume of HKD 1.731 billion [2] - Li Auto adjusted its delivery forecast for 2025 from 123,000-128,000 vehicles to approximately 108,000 vehicles, citing temporary impacts from upgrading its sales system [2] - Other notable blue-chip movements included Xinyi Solar (00968) rising by 4.18% and WuXi AppTec (02359) increasing by 3.42% [2] Sector Highlights - Major tech stocks mostly declined, with Alibaba down by 2.05% and Tencent down by 1.95% [3] - New consumption concept stocks showed strong performance, with Lao Pu Gold (06181) rising by 14.94% to HKD 1,008, marking a new historical high [3] - Stablecoin-related stocks surged, with Guotai Junan International (01788) increasing by 13.58% [4] CRO Sector Insights - The CRO sector saw significant gains, with Zhaoyan New Drug (06127) up by 12.69% and Tigermed (03347) up by 7.29% [5] - The NMPA proposed to shorten the review time for innovative drug clinical trial applications from 60 days to 30 days, which is expected to benefit CROs significantly [6] New Consumption and Stablecoin Developments - The new consumption sector is expected to see valuation shifts, with a focus on companies with high growth potential [4] - The Hong Kong government plans to implement a stablecoin regulation effective August 1, which is anticipated to create a favorable market environment for stablecoin issuers and related financial services [4] Notable Stock Movements - Yisou Technology (02550) surged by 38.22% after announcing a partnership with a Huawei cloud solutions provider [8] - Zhou Li Fu (06168) rose by 20.67%, driven by strong market sentiment towards gold stocks [9] - Li Jin Technology (00558) increased by 17.65% following a strong earnings report, with revenue rising to HKD 58.25 billion [10] - Emperor International (00163) fell by 11.76% due to significant financial losses and ongoing restructuring efforts [11] New Listings - IFBH (06603) debuted strongly, rising by 42.09% to HKD 39.5, with a net fundraising of approximately HKD 1.074 billion [12] - Yunzhisheng (09678) also performed well, increasing by 44.59% to HKD 296.4 [14]