冲高回落！

Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.71% to close at 25,635.23 points, while the Hang Seng Technology Index and the Hang Seng China Enterprises Index also saw slight decreases of 0.30% and 0.26% respectively [2] - Among the major stocks, Sands China Limited dropped by 4.46% to HKD 19.91 per share, JD Health fell by 3.42% to HKD 56.50 per share, and CK Hutchison Holdings decreased by 3.35% to HKD 53.45 per share, leading the blue-chip declines [3] - BYD Company Limited and Geely Automobile Holdings Limited saw increases of 3.74% and 3.43% respectively, indicating some positive movement in the automotive sector [3] Group 2 - Asia Pacific Satellite saw a significant increase of nearly 12% in trading, driven by the announcement of new listing standards for commercial rocket companies by the Shanghai Stock Exchange [7][8] - The new guidelines specify that successful payload launches will be a core requirement for commercial rocket companies seeking to list on the Sci-Tech Innovation Board, providing clarity for several companies aiming for public offerings [10] - Analysts from Guotai Junan and Zhongyin Securities noted that the new listing standards could accelerate capital operations in the commercial space sector, transitioning the industry from a phase of policy expectations to one of institutional realization [11] Group 3 - Gold stocks experienced a widespread decline due to a drop in gold prices, with companies like WanGuo Gold Group and Zijin Mining falling by 6.59% and 5.86% respectively [12][13] - The domestic gold price on the Shanghai Futures Exchange closed at CNY 1,007.18 per gram, down by 0.91%, reflecting a broader trend of decreasing gold prices [13] Group 4 - UBS Wealth Management's report suggests that the upward trend in the Chinese market is expected to continue through 2026, driven by advanced manufacturing and technological self-reliance as new growth engines [15][16] - Despite ongoing geopolitical risks and potential market volatility, the report indicates that there remains upward potential for the Chinese stock market as domestic investors enter the market and global capital reallocates [16]