港股收评：恒指跌0.37%，“反内卷”板块陷低迷，内险股全天强势

Market Overview - The Hong Kong stock market experienced a high open but closed lower, failing to maintain the previous day's strong performance. The Hang Seng Index fell by 0.37% to 25,519.32, while the Hang Seng Tech Index and the National Enterprises Index dropped by 0.97% and 0.23%, respectively [1][2]. Sector Performance - Major technology stocks mostly turned from gains to losses, with notable declines in NetEase (-3.53%), JD.com (-1.81%), Alibaba (-1.54%), and Xiaomi (-0.09%). Tencent, however, saw a slight increase of 0.68% after reporting better-than-expected Q2 earnings [4][5]. - Steel stocks experienced significant declines, with Angang Steel falling over 5% and Chongqing Steel down over 3%. Analysts suggest that the steel industry's outlook may improve from Q3 2024 to H1 2025 due to self-initiated production cuts [6][7]. - Coal stocks also faced downward pressure, with Jinma Energy dropping over 7% and Yanzhou Coal down over 4%. Analysts recommend focusing on the implementation of "anti-involution" policies that may drive supply reductions in the coal sector [7]. - Apple-related stocks declined, with BYD Electronics and Sunny Optical Technology both falling over 5%. Reports indicate that Apple plans to re-enter the AI space with new devices [8]. - The biopharmaceutical sector showed strength, with Rongchang Biologics rising over 14% and Junshi Biosciences up over 5%. Analysts note a recovery trend in the investment and financing landscape [9]. - The financial sector saw gains, particularly in insurance stocks, with Sunshine Insurance up over 7%. Analysts believe the insurance industry is moving towards high-quality development despite challenges [10]. Capital Flows - Southbound funds recorded a net inflow of HKD 1.034 billion, with the Shanghai-Hong Kong Stock Connect seeing a net buy of HKD 1.645 billion and the Shenzhen-Hong Kong Stock Connect a net sell of HKD 611 million [12]. Future Outlook - Analysts expect the market to shift from liquidity-driven to performance-driven and policy-verification phases. Stocks with better-than-expected earnings and upward guidance are likely to benefit [12]. - Recommended sectors for investment include those directly benefiting from the implementation of "anti-involution" policies, such as solar energy, rare earths, lithium, and express delivery, as well as pharmaceuticals and technology with high growth potential [13].