Zhi Tong Cai Jing·2025-07-04 08:52Market Overview - The Hong Kong stock market opened lower and fell further, with the Hang Seng Index closing down 0.64% at 23916.06 points, with a total turnover of 267.81 billion HKD [1] - The Hang Seng Index dropped 1.52% over the week, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index fell 1.75% and 2.34%, respectively [1] Blue-Chip Stocks Performance - Alibaba Health (00241) led the decline among blue-chip stocks, falling 6.64% to 4.22 HKD, contributing a loss of 3.04 points to the Hang Seng Index [2] - Alibaba announced the pricing of a zero-coupon exchangeable bond totaling 12 billion HKD, with an initial exchange price of 6.23 HKD per share of Alibaba Health, representing a 48% premium over the hedge placement price [2] - Other notable blue-chip movements included Xinyi Solar (00968) rising 4.73% and AIA (01299) falling 4.42% [2] Sector Highlights - Large tech stocks showed mixed performance, with Alibaba and Xiaomi both down over 1%, while Baidu rose 1.48% [3] - Pharmaceutical stocks gained strength, with Rongchang Bio (09995) up 15.01% and several others also showing significant increases [3][4] - The solar energy sector saw a general rise, with Xinyi Energy (03868) up 15% following government support for the industry [5][6] Regulatory and Policy Developments - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, including 16 specific initiatives [4] - Citigroup anticipates multiple catalysts for the innovative drug and biotechnology sector by the second half of 2025, including commercial collaborations and favorable pricing environments [4] Cryptocurrency and Stablecoin Trends - The stablecoin sector continued to gain traction, with Guotai Junan International (01788) rising 10.62% as the Hong Kong Monetary Authority prepares to accept license applications for stablecoin operations [6] - The market for stablecoins is expected to expand beyond cryptocurrency trading into broader payment applications, enhancing market scale and trading activity [6] Gold Stocks Performance - Gold stocks experienced weakness, with notable declines in companies like Tongguan Gold (00340) and China Gold International (02099) [7] - Strong U.S. non-farm payroll data has diminished expectations for interest rate cuts, impacting gold prices negatively [7] Notable Stock Movements - XPeng Motors (09868) faced pressure, closing down 6.56% despite the launch of its new G7 model [8] - Data center stocks rose, with Global Data (09698) up 6.09%, driven by increasing demand for AI computing power [8] - Jitu Express (01519) saw a significant rise of 5.49%, supported by positive growth forecasts related to its operations with TikTok Shop [9]