纳指狂跌拖累港股，恒指低开0.54%，科网股普跌

Market Overview - The Hong Kong stock market opened lower on December 18, with the Hang Seng Index down 0.54% and the Hang Seng Tech Index down 1.11% [1][2] - As of the report, the Hang Seng Index was at 25,284.24 points, down 184.54 points, a decline of 0.72% [8] - The Hang Seng Tech Index was at 5,373.57 points, down 84.38 points, a decrease of 1.55% [9] Market Influences - The previous day saw a strong rebound in the Hong Kong market, but a significant drop in the US market, particularly a 1.81% decline in the Nasdaq, negatively impacted the Hong Kong market [3][10] - The market is currently experiencing adjustments due to multiple factors, including concerns over overseas liquidity, profit-taking at year-end, a slowdown in southbound capital inflows, and a peak in unlocks in December [13] Sector Performance - Technology stocks generally declined, with Xiaomi down over 2%, and Alibaba, Kuaishou, and Baidu each down over 1% [5][12] - Automotive stocks also weakened, with Xpeng Motors down over 2% [12] - Chinese brokerage stocks showed mixed performance, with China International Capital Corporation (CICC) up over 7% following its announcement to acquire Dongxing and Xinda Securities, while China Merchants Securities fell over 1% [5][12] New Listings - Recent new listings have performed poorly, with HASHKEY HLDGS (HK02887) experiencing a slight drop on its first day and further declining over 5% in early trading [5][12] - Guoxia Technology (HK02655), which did not break its initial offering price, saw a drop of over 9% at one point [12] Capital Flow Trends - Despite a significant net inflow of southbound capital throughout the year, the recent pace has slowed, indicating a more cautious approach from investors [13] - Domestic capital is increasingly flowing into high-dividend sectors like banking, with some investors taking profits from certain tech stocks [13] - There is a rising enthusiasm for share buybacks among listed companies during this adjustment period [13]