结束上攻，转跌！

Market Overview - After two consecutive days of gains, the Hong Kong stock market experienced a downturn on October 22, with the Hang Seng Index falling below 26,000 points, closing down 0.94% at 25,781.77 points. The Hang Seng Tech Index dropped 1.41%, and the National Enterprises Index decreased by 0.85% [2][4] - Southbound capital saw a net inflow of approximately 10 billion HKD on the same day [2] Sector Performance Technology Sector - Major tech stocks faced declines, with NetEase and BYD Electronics both dropping over 4%. Other notable declines included Kuaishou and Bilibili, which fell over 2% [4][5] Banking Sector - Agricultural Bank of China reached a new high, closing up 1.56% at 5.85 HKD per share. Other banks like Chongqing Bank, Zhejiang Bank, CITIC Bank, and Minsheng Bank also saw gains exceeding 1% [6][8] - Morgan Stanley's Asia-Pacific team reported that domestic bank stocks are expected to reach a "natural cyclical bottom" in Q3, driven by stable interest rates and structural policy support [6] Gold Sector - The gold sector was under pressure due to a significant drop in international gold prices, with companies like Lingbao Gold and WanGuo Gold seeing declines of 4.75% and over 3%, respectively. Jewelry stocks also faced losses, with LaoPu Gold dropping over 8% [9][10] Pharmaceutical Sector - The innovative pharmaceutical sector opened high but closed lower, with the Hang Seng Innovation Drug Index down 2.46%. Despite a major deal with Takeda Pharmaceutical, Innovent Biologics saw its stock price drop nearly 2% by the end of the day [14][16] New Listings - Guanghe Tong, a leading company in the wireless communication module sector, saw its stock price drop 11.72% on its first day of trading on the Hong Kong Stock Exchange. The company reported a revenue decline of 9.02% year-on-year for the first half of 2025 [18]