SERES(SH:601127) Mei Ri Jing Ji Xin Wen·2025-11-05 02:06Market Overview - The Hong Kong stock market opened lower today, with the Hang Seng Index at 25,701.63 points, down 250.77 points, a decline of 0.97% [1] - The Hang Seng Tech Index opened at 5,716.54 points, down 101.75 points, a drop of 1.75% [1] Impact of US Market - Analysts noted that the drop in the Hang Seng Index was primarily influenced by a significant decline in the US stock market the previous night, where the Dow Jones fell by 0.53% and the Nasdaq dropped over 2% [3] New Listings - The new energy vehicle company, Seres (09927.HK), faced a poor market debut, with its stock price falling nearly 10% to a low of 118 HKD from the issue price of 131.5 HKD [3][4] Sector Performance - Technology stocks collectively declined, with Bilibili down over 5%, Kuaishou down over 3%, and Alibaba and Tencent both down over 2% [4] - Gold stocks continued to fall, with Zijin Mining International down over 3% [4] - The lithium battery sector also saw most stocks decline, with Ganfeng Lithium down over 4% [4] Capital Flows - According to CICC, the active performance of Hong Kong stocks this year is closely related to liquidity, driven by international funds seeking asset diversification and domestic funds looking for higher returns through southbound channels [5] - Notably, individual investors have played a significant role in the recent inflow of southbound funds, indicating that while institutional capital may be limited, the potential and variability of individual investors could significantly impact the market [5] Regulatory Changes - UBS commented on the recent adjustment of the gold value-added tax deduction policy, suggesting it aims to enhance regulation of investment gold products, which may reduce liquidity and shift some investment demand towards gold ETFs [5] - The new tax burden is expected to be largely passed on to consumers in the gold jewelry sector, potentially putting pressure on recent gold consumption demand [5]