港股收评：25年收官！恒指今日跌0.87%年涨27.77%，科技股弱势，假期概念股走强

Market Performance - The Hong Kong stock market experienced a collective decline on the last trading day of the year, with the Hang Seng Index falling by 0.87% to 25,630 points, the Hang Seng China Enterprises Index down by 0.86% to 8,913 points, and the Hang Seng Tech Index decreasing by 1.12% to 5,515 points [1] - For the year 2025, the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index recorded annual increases of 27.77%, 22.27%, and 23.45% respectively [1] Sector Performance - Major technology stocks that had previously boosted the market saw declines, including JD.com, Kuaishou, Alibaba, Xiaomi, and Tencent, while Baidu was the only stock to rise, gaining 1.39% [1] - The automotive sector reacted to the release of the 2026 vehicle trade-in subsidy details, with stocks like NIO, Xpeng, and Li Auto experiencing a downturn [1] - Semiconductor stocks fell after the U.S. government approved licenses for South Korean companies to export chip manufacturing equipment to China, impacting previously rising semiconductor stocks [1] - Other sectors such as home appliances, insurance, wind power, and coal also showed weak performance [1] Positive Trends - The upcoming New Year holiday season is expected to benefit airline and film sectors, with major airline stocks showing strong performance [1] - Copper prices achieved their best annual performance in over a decade, making copper stocks the only rising segment within the non-ferrous metals sector, with Jiangxi Copper reaching a historical high [1]