港股开盘 | 三大指数集体低开 机构：港股中长期内保持韧性

Market Overview - The Hong Kong stock market opened lower on July 7, with the Hang Seng Index down 0.36%, the Hang Seng Tech Index down 0.46%, and the National Enterprises Index down 0.38% [1] - Technology stocks, including Alibaba and Xiaomi, saw declines of over 1% [1] Future Market Outlook - Guoyuan Hong Kong anticipates potential policy measures to support the market in response to tariff impacts, expecting resilience in the long-term valuation of Hong Kong stocks [2] - According to CMB International, as of the end of June, the Hang Seng Index approached its yearly high, driven mainly by a decline in risk premiums, with limited contributions from fundamental earnings improvements [2] - Southbound capital has shown a strategic increase in holdings across various sectors, particularly in healthcare and finance, reflecting a focus on high-growth sectors and defensive high-dividend stocks [2] - CITIC Securities predicts that the ongoing reform of the Hong Kong listing system will enhance asset quality and liquidity, with continued inflow of Southbound funds [3] - Huatai Fund suggests a "volatile upward + structural differentiation" trend for the Hong Kong market in the second half of the year, driven by macro policies focusing on high-quality development and domestic demand [3] IPO Market Trends - There is an increasing presence of local state-owned enterprises as cornerstone investors in Hong Kong IPOs, indicating a return of long-term capital to the market [4] - The Ministry of Finance has announced measures affecting the procurement of medical devices imported from the EU, which may impact related sectors [4] ETF Market Development - The number of ETFs included in the mutual connectivity scheme has reached 265, with a significant increase in Southbound fund inflows benefiting Hong Kong ETFs [4] Company News - New China Life Insurance plans to invest 11.25 billion yuan in a private equity fund [7] - China Overseas Development reported a contract sales figure of approximately 120.15 billion yuan for the first half of the year, a year-on-year decrease of 19.0% [7] - GAC Group's cumulative sales for the first half of the year were 755,300 units, down 12.48% year-on-year [7] - Xinli International reported a cumulative revenue of approximately 8.098 billion HKD for the first half of the year, a decrease of about 5.7% year-on-year [7]