Group 1: Market Overview - The Hang Seng Index closed down by 151 points, ending at 24,069, after initially rising to a high of 24,269 before falling below the 24,000 mark [3][4] - The total trading volume for the day was 231.25 billion HKD, with net outflows from northbound trading amounting to 3.05 billion HKD [3][4] - Major blue-chip stocks such as Alibaba, Tencent, and Meituan experienced declines of 2.9%, 0.1%, and 2.5% respectively [3] Group 2: Industry Dynamics - The June PMI for China's service sector showed a slowdown in growth, contributing to the weak performance of the Hong Kong stock market [4] - The ongoing price war in the Chinese electric vehicle market is expected to shift towards non-price incentives starting in 2025, as the market matures [8] - AlixPartners predicts that by 2030, only 15 out of 129 electric vehicle brands in China will remain financially viable, capturing three-quarters of the market share [8] Group 3: Company News - Yuexiu Property reported a contract sales amount of approximately 61.5 billion RMB for the first half of the year, an increase of about 11% year-on-year [12] - Xiansheng Pharmaceutical's drug for ovarian cancer has been approved for market in China, addressing a significant unmet clinical need [13] - Shimao Group announced the sale of a 50% stake in a Beijing project for approximately 156 million RMB, expecting a profit of about 52 million RMB from the transaction [14]