港股午评：恒指跌0.18%、科指跌0.12%，纸业股、光伏股拉升，石油、教育及保险股下挫

Market Overview - The Hong Kong stock market showed a narrow fluctuation, with the Hang Seng Index down 0.18% at 24,727.78 points, the Hang Seng Tech Index down 0.12% at 5,446.61 points, and the National Enterprises Index down 0.01% at 8,882.04 points [1] - Major tech stocks mostly turned positive, with Meituan and Alibaba rising by 2.5%, Baidu by 2%, and JD.com by over 1% [1] - International spot gold returned above $3,290, leading to active performance in gold stocks [1] - The paper industry in Guangdong issued its first anti-involution initiative, resulting in a price surge in the sector, with Morning Paper and Nine Dragons Paper leading the gains [1] Company News - Daxin City Real Estate proposed a privatization plan, offering HKD 0.62 per share, a 67.57% premium over the closing price on July 17, with a total amount of approximately HKD 29.32 billion [2] - Evergrande Auto announced a further delay in issuing a circular, now expected on August 29, 2025, involving significant related transactions [2] - Lee's Pharmaceutical received approval for Socazolimab for first-line treatment of extensive-stage small cell lung cancer in mainland China [3] - Hengrui Medicine received approval for clinical trials of SHR-8068 injection, Abediteran injection, and Bevacizumab injection [4] - Hengrui Medicine also received approval to conduct clinical trials for HRS-5041, intended for prostate cancer treatment [5] - Shenzhen Expressway reported a revenue of RMB 106 million from the outer ring project in June [6] - Automotive Home reported a total revenue of RMB 3.212 billion for the first half of the year, a decrease of 7.75% year-on-year, with net profit down 15.99% to RMB 772 million [8] - China Petroleum and Chemical Corporation expects a mid-term net profit of RMB 20.1 billion to RMB 21.6 billion, a year-on-year decline of 39.5% to 43.7% [9] Institutional Insights - Dongwu Securities expressed concerns about rising overseas risks, including the potential impact of increasing dollar assets on global funds' attention to Chinese assets [10] - CITIC Securities noted an increasing confidence trend in certain sub-sectors, with earnings expectations being revised upward ahead of earnings reports, particularly in new energy vehicles, semiconductors, and consumer electronics [10][11] - Ping An Securities highlighted the low valuation of the Hong Kong market and the increasing trading activity under the "profit-making effect," maintaining a positive long-term outlook [11] - Huatai Securities remains optimistic about opportunities in the Hong Kong market, suggesting that the Hang Seng Tech Index has significant recovery potential [11]