"Hong Kong Stocks" Hang Seng Index closed down 53 points, China Resources Beer and Leapmotor rose after earnings, EAST BUY fell 21%

The market is watching the speech of Federal Reserve Chairman Jerome Powell and the performance of large retail stocks, with the three major U.S. indices fluctuating narrowly. The Hong Kong stock market was weak, with the Hang Seng Index opening 64 points higher, initially dropping 93 points to a low of 25,083 points before rebounding, rising 83 points to 25,260 points, and then falling again at the close, down 53 points or 0.2%, closing at 25,122 points; the National Index fell 27 points or 0.3%, reporting 9,006 points; the Hang Seng Tech Index fell 37 points or 0.7%, closing at 5,542 points. The total market turnover for the day was HKD 278.213 billion.

In the tech sector, Alibaba (09988.HK), JD.com (09618.HK), Meituan (03690.HK), and Bilibili (09626.HK) fell between 0.1% and 0.6%, while Tencent (00700.HK) and Kuaishou (01024.HK) rose 0.9% and 0.4%, respectively. NetEase (09999.HK) fell 1.3%. In the chip sector, SMIC (00981.HK) and Hua Hong (01347.HK) fell over 3%, and chip equipment stock ASMPT (00522.HK) fell 4.9%. Additionally, Weimob (02013.HK) and Xindong (02400.HK) rose 6.2% and 3.7%, while mobile component stock BYD Electronics (00285.HK) fell 4.7%.

Meitu (01357.HK) reported a more than 30% year-on-year increase in interim net profit, but its stock price fell 1.6%. EAST BUY (01797.HK) surged 23.8% to HKD 53.7 in the afternoon but plummeted at the close, ending down 20.9%, with a turnover of nearly HKD 9.4 billion, and its market value dropped from about HKD 50.3 billion at noon to HKD 35.9 billion at the close. New Oriental (09901.HK) fell over 2%.

In the automotive sector, Xiaomi (01810.HK) fell 1.2%, with its earnings announced after the close. BYD (01211.HK) rose 0.3%, while XPeng (09868.HK) received a credit line of 10 billion RMB from CITIC Bank (00998.HK), with its stock price falling 1.8%. Geely (00175.HK) rose 3.2%. Leapmotor (09863.HK) turned a half-year loss into a profit of 33.03 million RMB, receiving target price and sales forecast upgrades from brokerages, with its stock price rising 7.6%. Automotive agent Zhongsheng (00881.HK) rose 8.3%.

Travel platform Tongcheng (00780.HK) reported a 58% increase in half-year net profit, with its stock price rising 7.4%. China Resources Beer (00291.HK) exceeded expectations in its interim beer business performance, with its stock price rising 6.2%. Sportswear stocks Anta (02020.HK) and Xtep (01368.HK) rose 4.6% and 3.7%, respectively, while Li Ning (02331.HK) rose 2.6%. In other consumer stocks, WH Group (00288.HK) rose 3.1%, while Damai Entertainment (01060.HK) and Lao Pu Gold (06181.HK) fell 4.4% and 4.8%WuXi AppTec (02268.HK) reported a 53% increase in interim net profit, but its stock price fell by 5.8%. Its affiliate WuXi Biologics (02269.HK) and WuXi AppTec (02359.HK) dropped by 3.9% and 5.2%, respectively. China National Pharmaceutical Group (01177.HK) saw a 12% rise in half-year net profit, yet its stock price fell by 6.6%. Hansoh Pharmaceutical (03692.HK) reported a 15% increase in interim net profit, with its stock price rising by 4.7%. Ascletis Pharma (01672.HK) discounted by 9.9% in a rights issue that raised net proceeds of 468 million yuan, with the controlling shareholder raising 388 million yuan, and the stock fell by 15%. United Laboratories (03933.HK) forecasted interim profit to rise to 1.85 billion yuan, with its stock price increasing by 4.6%. Additionally, Innovent Biologics (01801.HK) fell by 4.1%, and Heng Rui (01276.HK) and Kanglong Chemical (03759.HK) dropped by 5.4% and 6%, respectively.

In the financial sector, HSBC (00005.HK) rose by 0.6%, while Hong Kong Exchanges and Clearing (00388.HK) and AIA (01299.HK) fell by 1.3% and 0.1%. Domestic insurance stocks ZhongAn (06060.HK), China Life (02628.HK), and China Taiping (00966.HK) fell by 3% to 3.7%, while brokerage stocks CICC (03908.HK) and CITIC Securities (06066.HK) each dropped over 3%.

Gold stocks Shandong Gold (01787.HK), Zhaojin Mining (01818.HK), and Lingbao Gold (03330.HK) fell by 3% to 3.1%. Photovoltaic stocks Xinyi Glass (00868.HK), Flat Glass Group (06865.HK), and Xinyi Solar (00968.HK) dropped by 3.2% to 4.4%, while GCL Technology (03800.HK) fell by 5.6%