Group 1: Market Overview - The three major indices in the Hong Kong stock market experienced collective declines, with the Hang Seng Index down by 0.47%, the Hang Seng China Enterprises Index down by 0.15%, and the Hang Seng Tech Index down by 1.22% [2] - The total market turnover slightly decreased to HKD 328.12 billion, with the total short-selling amount on the main board reaching HKD 46.86 billion, accounting for 15.58% of the total trading volume [2] Group 2: Capital Flow - Southbound funds continued to flow into the Hong Kong stock market, with a net inflow of HKD 9.281 billion through the Stock Connect [3] - Among the top 10 actively traded stocks, Alibaba (9988.HK), Tracker Fund (2800.HK), and Tencent (700.HK) saw the highest net purchases, while SMIC (981.HK), Hua Hong Semiconductor (1347.HK), and Xiaomi (1810.HK) experienced the most significant net sales [3] Group 3: Sector Performance - The technology sector showed weakness, particularly in chip stocks, with Shanghai Fudan (1385.HK) down 7.82%, Hua Hong Semiconductor (1347.HK) down 5.53%, and SMIC (981.HK) down 4.63% [5] - Conversely, the consumer sector performed well, with notable gains in stocks such as Zhongsheng Holdings (881.HK) up 5.01% and Midea Group (300.HK) up 3.46% [5] Group 4: Company Analysis - Huitongda Network - Huitongda Network (9878.HK) reported a total revenue of HKD 24.34 billion for the first half of 2025, a decrease of 25.9% year-on-year, primarily due to the optimization of inefficient businesses and a high base effect from the previous year [8] - The company achieved an operating profit of HKD 360 million, a year-on-year increase of 15.9%, and a net profit attributable to shareholders of HKD 140 million, up 10.8% year-on-year, indicating successful business structure optimization and cost control [8] - The gross profit margin improved by 1.1 percentage points to 4.6%, reflecting the company's shift towards higher-margin businesses [8] Group 5: Strategic Developments - Huitongda Network's self-operated trading revenue was HKD 23.96 billion, down 26.0% year-on-year, but the revenue from member retail stores increased to 47.4% of total revenue, showcasing enhanced channel stickiness and value [9] - The company is expanding its AI and SaaS capabilities, with the core product "Qiancheng AI Super Store Manager" improving operational efficiency by 30% and reducing inventory turnover by 15%-20% [9] - Huitongda Network announced a share buyback plan of up to RMB 500 million and is seeking to convert approximately 350 million domestic shares into H shares to enhance market liquidity [10]