The night before (24th), the three major U.S. stock indices developed differently, with the Dow Jones rising by 182 points, while the Nasdaq and S&P 500 fell for three consecutive days. The Hong Kong stock market reversed its five-day losing streak from the previous day, with the Hang Seng Index opening 23 points lower this morning (25th) and the decline widening, at one point dropping over 400 points to a low of 23,004 points, setting a new one-year low. It closed at 23,090 points, down 321 points or 1.37%, with a half-day market turnover of HKD 174.308 billion; the National Enterprises Index closed at 7,619 points, down 145 points or 1.88%; the Hang Seng Tech Index closed at 4,404 points, down 74 points or 1.66%.

Leading tech stocks generally retreated, with Alibaba-W (09988.HK) hitting a low of HKD 94.55 during the session, marking a 52-week low, and closing down 4.23% at HKD 95.2, as Nomura lowered its ADR target price to USD 178; Baidu-SW (09888.HK) and Xiaomi-W (01810.HK) each fell over 3%; Kuaishou-W (01024.HK), Meituan-W (03690.HK), and Tencent (00700.HK) each fell over 1%.

In terms of blue-chip stocks, Sunny Optical (02382.HK) closed at HKD 68.05, down 10.34%, making it the worst-performing blue-chip stock. Trip.com-S (09961.HK) plummeted over 10% after earnings, reporting HKD 317.2, with Citigroup stating that the adjusted net profit for the last quarter fell short of expectations. Bank of China (03988.HK) plunged 4.74% due to being reported by the National Audit Office for tax evasion of RMB 2.37 billion; some local real estate and REIT stocks rose against the trend, with New World Development (00016.HK) up 3.87%; Wharf Real Estate Investment (01997.HK) rose 4.79%; Link REIT (00823.HK) rose 2.14%. Additionally, Techtronic Industries (00669.HK) performed strongly, closing at HKD 128.4, up 5.85%, making it the best-performing blue-chip stock, with a turnover of HKD 804 million.

With rising expectations for U.S. interest rate hikes, international gold prices fell below USD 4,000 per ounce, putting pressure on local gold mining stocks. Blue-chip Zijin Mining (02899.HK) fell 5.77%, Zijin Gold International (02259.HK) fell 6.6%, and Zhaojin Mining (01818.HK) dropped 8.83%. Resource stocks were sold off, with Chalco (02600.HK), Hongqiao (01378.HK), and Luoyang Molybdenum (03993.HK) falling between 3.7% and 6.4%. Minmetals Resources (01208.HK) and Jiangxi Copper (00358.HK) each fell over 6%. The decline in oil prices benefited airline stocks, with Cathay Pacific (00293.HK) rising 3.9%. The three major Chinese airline stocks, China Eastern Airlines (00670.HK), China Southern Airlines (01055.HK), and Air China (00753.HK) rose between 4.6% and 6.9% Gold jewelry stocks are weak, with Lao Pu Gold experiencing a "fourth consecutive decline," dropping 5.8% to HKD 377, hitting a new low in over a year, with a transaction volume of HKD 393 million. Peers Chow Tai Fook (01929.HK) and Luk Fook (00590.HK) also fell over 2%.

Micron (MU.US) reported better-than-expected quarterly results, causing its stock price to surge 15% in after-hours trading, boosting chip stocks in the Asia-Pacific region. SMIC (00981.HK) and Hua Hong Semiconductor (01347.HK) rose over 1%. Zhaoyi Innovation (03986.HK), which had its target price raised to HKD 1,254 by Lyon, increased by 7.05%; Lanqi Technology (06809.HK) also rose by 4.09%. South Korea's SK Hynix announced the issuance of ADRs to raise USD 29.4 billion, seeking to list on July 10. The locally listed Southern Double Long Hynix (07709.HK) surged 16.07%, while Southern Double Long Samsung (07747.HK) rose 9.72%. JPMorgan released a report raising the basic scenario target for the Korean Kospi to 12,500 points, recommending to buy on dips. HSBC Research raised the target price for SK Hynix to 4 million Korean won, expecting strong performance in the second quarter, indicating that its ADR should enjoy a premium.

In individual stocks, Kwan Tong Laminated Board (01888.HK) broke its peak, reaching HKD 102.1 and becoming a "red bottom stock," rising 6.41% to HKD 99.55, with a transaction volume of HKD 3.631 billion. MINIMAX-W (00100.HK) fell 5.7%; Bilibili (09626.HK) rose nearly 3%, with Morgan Stanley stating that the company's buyback plan has received a positive response.

Additionally, National United Resources (00254.HK) plummeted 85.95%, closing at HKD 0.156, with trading volume surging to HKD 63.5461 million