创年内新高后意外回落，港股“日历效应”将如何演绎？

Market Performance - After a significant rise, the Hong Kong stock market experienced a notable pullback on October 3, with the Hang Seng Index closing down 0.54% and the Hang Seng Tech Index down 0.9% [1][2] - The automotive sector was a major drag on the market, with BYD Co. Ltd. falling 3.95% and other new energy vehicle manufacturers like Li Auto and Xpeng also declining over 2% [2][3] - Despite the overall market decline, hydrogen energy stocks showed resilience, with Shanghai Electric surging 13%, reaching a new closing high not seen in over a decade [1][3] Sector Analysis - The automotive and components sector saw a decline of over 2%, significantly impacting the overall market performance [2] - Gold stocks reversed their earlier strong performance, with companies like Tongguan Gold and Lingbao Gold dropping 4.17% and 3.53%, respectively, amid a decrease in international gold prices [2] - The technology sector experienced volatility, particularly Alibaba, which initially dropped 4.7% but later closed up 1.09% [3] Historical Context and Future Outlook - Historically, the Hong Kong market exhibits a "calendar effect" during the National Day holiday, with an 86.7% probability of the Hang Seng Index rising during this period [4][6] - In September, the Hang Seng Tech Index rose 13.9%, leading among global indices, while the Hang Seng Index and Hang Seng China Enterprises Index increased by 7.1% and 6.8%, respectively [4][5] - Analysts suggest that while short-term adjustments are expected, the medium to long-term outlook for the Hong Kong market remains positive, driven by structural industry recovery and valuation improvements in certain sectors [6][7]