Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling below 24,000 points, reflecting a gloomy market sentiment [1][2] - The Hang Seng Technology Index dropped by 1.76%, while the Hang Seng Index and the Hang Seng China Enterprises Index fell by 1.06% and 1.28%, respectively [1][2] Sector Performance - Major technology stocks and financial stocks underperformed, with Alibaba down nearly 4% and Meituan and Xiaomi dropping over 2% [2][4] - Gold stocks weakened as international gold prices continued to decline, with several gold companies experiencing significant drops [2][8] - Pharmaceutical stocks surged despite tariff threats, with Heng Rui Medicine rising over 15%, reaching an all-time high [2][12] Notable Stock Movements - The semiconductor sector saw declines, with Hua Hong Semiconductor down over 4% and other major players like SMIC and Shanghai Fudan also falling [10][11] - Gambling stocks showed strong performance, with Wynn Macau up over 6% and other casino operators also gaining [13][14] - Dairy stocks were active, with Yuran Dairy rising over 10% [15] Capital Flows - Southbound funds recorded a net inflow of HKD 9.256 billion, indicating continued interest in Hong Kong stocks [23] Future Outlook - Analysts expect that the ongoing reforms in the Hong Kong listing system will enhance the asset quality and liquidity of the market, with a potential upward trend in the third quarter [25]