科网股、汽车股拖累指数下跌

Market Overview - The Hong Kong stock market experienced a decline, ending a three-day rally since 2026, with all three major indices closing lower [1][2] - The Hang Seng Index fell by 0.94%, the Hang Seng China Enterprises Index dropped by 1.14%, and the Hang Seng Technology Index decreased by 1.49% [2] Sector Performance - Technology and automotive stocks underperformed, contributing to the overall market decline, while sectors such as innovative pharmaceuticals, non-ferrous metals, and coal stocks saw gains [2][4] - Notable declines in technology stocks included Tencent Music down over 5%, Alibaba down over 3%, and NIO, Xpeng, and Li Auto all closing lower [4][5] - The financial sector also faced weakness, particularly among brokerage stocks, with significant drops including CMB International down over 6% and Guotai Junan down over 5% [6][7] Regulatory Impact - The National Market Supervision Administration and the Cyberspace Administration of China issued new regulations for live-streaming e-commerce, aimed at enhancing industry oversight and protecting consumer rights [4] - Predictions indicate a potential 7% decline in China's automotive market sales in 2026, marking the first annual negative growth since 2020 [4] Innovative Pharmaceuticals - The innovative pharmaceutical sector showed resilience, with stocks like Rongchang Bio surging by 12.93% and other companies like Kangfang Bio and WuXi Biologics also posting significant gains [8][9] - Research indicates a positive shift in the CRO and CDMO industries, with expectations for improved investment conditions and demand recovery in the coming years [8] Coal and Non-Ferrous Metals - Certain coal and non-ferrous metal stocks performed well, with Nanshan Aluminum rising over 10% and other coal stocks like Lianhe Energy and Shougang Resources also seeing gains [10][11] - Research from GF Securities suggests that the coal industry's demand structure is optimizing, with a projected 5% growth in coal demand from the chemical sector [10]