Market Overview - The three major indices continued to decline in the afternoon, with the Hang Seng Index dropping over 3.1% at one point, ultimately closing down 2.72%, marking five consecutive days of decline [1] - The Hang Seng Index and the National Enterprises Index saw increases of 1.36% and 1.18%, respectively [1] Automotive Sector - Major automotive stocks experienced significant declines, with Li Auto falling by 12.84%, BYD down 5.77%, Xpeng down 5.68%, and NIO down 5.64% [2] - The automotive sector faced pressure as July retail sales of narrow passenger vehicles reportedly fell over 11% month-on-month, leading to increased concerns about "involution" competition within the industry [3] Technology Sector - Large technology stocks, which serve as market indicators, all saw declines, with Alibaba and JD.com dropping nearly 3%, and Baidu down 2% [3] - Semiconductor stocks performed poorly throughout the day, with leading company SMIC falling nearly 6% [3] Oil and Related Sectors - International oil prices rebounded to around $70, leading to a rise in oil stocks, which increased by nearly 4%, with China Petroleum & Chemical rising nearly 3% [3] Other Sectors - The infant formula sector is viewed positively by institutions due to expected demand improvements, with H&H International Holdings surging over 11% [3] - Coal, electricity, and steel stocks related to "anti-involution" themes showed relative activity [3]