港股三大指数集体走弱！金股领跌全场，消费板块陷入回调

Market Overview - The Hong Kong stock market is experiencing a shift in capital flow, moving from growth to a more defensive positioning amid a collective decline in the three major indices [1] - On October 28, the market failed to maintain the previous day's gains, with a trading volume of 242.7 billion HKD, indicating a cautious investor sentiment [1] Sector Performance - The gold sector faced significant declines, with multiple stocks experiencing steep drops: China Silver Group fell over 10%, Lingbao Gold down 5.74%, and Zijin Mining down 5.59% [3] - The drop in gold stocks is closely linked to the international gold price, which fell 3.05% on October 27, dropping below 3990 USD per ounce [3] - The new consumption sector, once favored, is now seeing substantial outflows, with leading stocks like Pop Mart down over 32% from their historical highs [6] - The technology sector also showed weakness, with major stocks like NetEase and Meituan declining by 2.35% and 1.96% respectively [8] Capital Flow - There has been a notable shift in capital flow, with southbound funds moving from net inflows to significant outflows in the consumer sector, redirecting towards technology and healthcare [8] - Despite the overall market downturn, local bank and insurance stocks performed well, with HSBC rising 4.41% due to better-than-expected quarterly results [10] Investment Sentiment - The market is witnessing a rotation from high-growth, high-valuation sectors to defensive assets, reflecting a change in investor risk appetite [10] - Continuous inflows from southbound funds, totaling 2.258 billion HKD on October 28, indicate mainland investors' recognition of the long-term value in Hong Kong stocks [12] Economic Outlook - Analysts suggest that potential interest rate cuts by the Federal Reserve and a depreciating USD alongside an appreciating RMB could support the valuation of Chinese assets, benefiting the Hong Kong market [14] - The significant pullback in gold stocks and the weakness in consumer stocks illustrate a clear picture of declining risk appetite in the current market environment [14]