"Hong Kong Stocks" Hang Seng Index closed down 611 points, with commodities, telecommunications, chips, and automotive stocks under pressure

The commodity market continued to be volatile during the Asian session, with Hong Kong stocks declining. The Hang Seng Index opened down 289 points and the decline widened, dropping 879 points in the afternoon to a low of 26,507 points, closing down 611 points or 2.2% at 26,775 points; the National Index fell 236 points or 2.5% to close at 9,080 points; the Hang Seng Tech Index dropped 191 points or 3.4% to close at 5,526 points. The total market turnover for the day was HKD 347.886 billion.

Gold and silver prices continued to decline, with Shandong Gold (01787.HK) down 12.6%, China Silver (00815.HK), Zhaojin (01818.HK), China Gold International (02099.HK), and Zijin Mining International (02259.HK) falling 7.9% to 8.6%, and Zijin (02899.HK) down 5.6%. Resource stocks Jiangxi Copper (00358.HK) and Minmetals Resources (01208.HK) fell 8.6% and 7.5%, while Chalco (02600.HK) and Luoyang Molybdenum (03993.HK) dropped 6.6% and 4.7%. Brent crude oil fell over 5% during the Asian session, with PetroChina (00857.HK) and CNOOC (00883.HK) down 3.6% and 4.8%. Coal stocks Shenhua (01088.HK) expected a decrease in net profit of at least 6.3% last year, with the stock price falling 5.1%, and China Coal (01898.HK) down 4.2%.

The US dollar rebounded, and domestic property stocks Jinmao (00817.HK), Greentown (03900.HK), Sunac (01918.HK), and Vanke (02202.HK) retreated by 5.2% to 6.8%. Steel stocks Maanshan Iron (00323.HK) and cement stocks China National Building Material (03323.HK) fell 7.4% and 10.1%. Local property stocks New World (00017.HK) and Sino Land (00083.HK) dropped 4.3% and 3.7%. New World stated that there was no intention to make a full offer for potential investments, and the stock fell 12%.

China Mobile (00941.HK), China Unicom (00762.HK), and China Telecom (00728.HK) saw their value-added tax on telecom services adjusted from 6% to 9%, with China Telecom and China Unicom down 5% and 6.3%, and China Mobile down 2.3% to close at HKD 78. Several car manufacturers reported monthly sales data, showing declines, with BYD (01211.HK) seeing a 30% year-on-year drop in new energy vehicle sales last month and a 50% month-on-month drop. XPeng (09868.HK) saw a 34% year-on-year decline in sales last month, with BYD and XPeng down 6.9% and 6.8%, respectively, while Leapmotor (09863.HK) and Nio (09866.HK) fell 5.3% and 4.5%, and Xiaomi (01810.HK) and Li Auto (02015.HK) dropped 1.2% and 2.3%. Chang'an Automobile (02333.HK) is expected to earn 21.7% less last year, with the stock price down 4% In the technology sector, Tencent (00700.HK) and JD.com (09618.HK) fell by 1.2% and 1.7%, respectively, Meituan (03690.HK) dropped 2.4%, while Kuaishou (01024.HK), Baidu (09888.HK), Alibaba (09988.HK), and NetEase (09999.HK) declined by 3.5% to 4%. Additionally, Meitu (01357.HK), Bilibili (09626.HK), and Weimob (02013.HK) fell by 4.7% to 5.8%, and GDS Holdings (09698.HK) decreased by 7.2%. In the AI sector, Paradigm Intelligent (06682.HK) dropped 6.6%, while JingTai (02228.HK) and Envision (03696.HK) fell by 4.6% and 4.2%, respectively. MINIMAX (00100.HK) and Yunzhisheng (09678.HK) rose by 10.7% and 5.5%.

In the chip sector, SMIC (00981.HK) fell by 4.2%, while Naura Technology (02676.HK) and Bairun (06082.HK) dropped by 6.2% and 5.7%, respectively. Innoscience (02577.HK) and Hua Hong (01347.HK) fell by 8.7% and 11.2%. In the chip equipment sector, ASMPT (00522.HK) decreased by 3.9%.

In the financial sector, HSBC (00005.HK) and AIA (01299.HK) fell by 1.4%, while Hong Kong Exchanges and Clearing (00388.HK) dropped by 1.9%. The mainland stock market declined along with external markets, with domestic insurance stocks China Taiping (00966.HK), PICC (01339.HK), ZhongAn (06060.HK), and China Life (02628.HK) falling by 3.4% to 4%. Brokerage stocks, including GF Securities (01776.HK), dropped by 4.5%. In other stocks, Macau's January gaming revenue increased by 24% year-on-year, exceeding expectations, with gaming stocks like Sands China (01928.HK) rising by 4.1%. Pharmaceutical stocks CSPC (01093.HK) and China National Pharmaceutical (01177.HK) fell by 4.7% and 5.3%