港股，大爆发！

Core Viewpoint - The Hong Kong stock market showed a collective rise, with significant gains in the pharmaceutical and internet sectors, while gold and photovoltaic sectors experienced declines [1][4][12]. Pharmaceutical Sector - The biopharmaceutical stocks continued their strong performance, with notable increases in companies like BeiGene and Kelun Biotech, which rose by 7.80% and 4.32% respectively [4][5]. - The National Healthcare Security Administration's announcement regarding the addition of innovative drugs to the commercial insurance directory by 2025 is expected to boost the innovative drug sector, leading to a significant rise in related stocks [6][10]. - Analysts predict that the innovative drug sector will remain a focus in the second half of the year due to favorable policies [6]. Internet Sector - Internet stocks were active, with Bilibili leading the gains, rising by 7.94% [7][8]. - HSBC raised the target price for Bilibili's ADR to $25.5 and its Hong Kong stock target price to HKD 198.9, citing significant progress in commercial monetization and a share buyback of approximately $100 million [10]. - Analysts from CICC are optimistic about Bilibili's growth in gaming and advertising, forecasting a 20% and 15% year-on-year revenue growth respectively by 2025 [10]. Gold Sector - The gold sector faced a downturn, with companies like Zhaifeng Gold and Chifeng Jilong Gold seeing declines despite a positive mid-year earnings forecast [12][15]. - Analysts suggest that the recent strong performance of gold stocks may have led to profit-taking, contributing to the price drop [15]. - The uncertainty surrounding the Federal Reserve's interest rate decisions has increased volatility in gold prices, although long-term support remains [16]. Photovoltaic Sector - The photovoltaic sector experienced a correction, with companies like Xinyi Glass and GCL-Poly Energy seeing declines of 4.43% and 3.88% respectively [13][14]. - The previous market enthusiasm for the sector was driven by "anti-involution" policies, but recent adjustments have led to a pullback [12][13]. Market Valuation - Analysts from CITIC Securities believe that Hong Kong stocks remain attractive in terms of valuation compared to other Asian markets, with the Hang Seng Index and Hang Seng Technology Index trading at historical low price-to-earnings ratios [18]. - Huatai Securities noted that the liquidity conditions for Hong Kong stocks remain favorable, although short-term adjustments in hot sectors may lead to increased volatility [18].