中泰国际每日晨讯：每日大市点评-20251013

Market Overview - On October 10, Hong Kong stocks were influenced by the decline of the Nasdaq Golden Dragon Index, leading to a drop in the Hang Seng Index by 462 points, closing at 26,290 points. The Hang Seng Tech Index fell by 211 points to 6,259 points, with a total turnover of HKD 333.73 billion. The Hang Seng Index has now declined for five consecutive trading days, with a net outflow of southbound funds amounting to HKD 399 million [1][2]. Macro Dynamics - On October 9, the Ministry of Commerce announced new export controls on rare earth-related items and technologies, affecting five additional rare earth metals: holmium, erbium, thulium, europium, and ytterbium. This move is part of a broader strategy to strengthen export regulations [3]. Industry Dynamics Smart Driving Sector - The automotive sector, particularly smart driving companies, experienced a downturn due to market declines. Xpeng Motors announced significant breakthroughs in physical AI during its AI Technology Day, but the stock still fell by 4.2%. Other new energy vehicle stocks also saw declines ranging from 2% to 4% [4]. Pharmaceutical Sector - The Hang Seng Healthcare Index dropped by 6.4%, primarily due to declines on Thursday and Friday. There are concerns regarding the overseas licensing agreement of Innovent Biologics, which fell short of expectations in terms of transaction value and the reputation of the licensed party. However, a USD 100 million upfront payment is expected to solidify funding [4]. New Energy/Public Utilities - The new energy and public utility sectors showed volatility, with significant fluctuations in stock performance. Xinyi Solar, GCL-Poly Energy, and Longyuan Power fell by 6.0%, 3.7%, and 2.3%, respectively. Conversely, Huadian International, China Everbright Environment, and China Resources Gas saw increases of 4.8%, 3.2%, and 3.5% [5].