DSMTUAN@EC2603A(18029.HK)

The Shanghai Composite Index fell over 1%, non-ferrous metals collectively plummeted, gold stocks hit the limit down, the Hang Seng Index dropped over 1%, tech stocks adjusted, and metal futures declined across the board

Most A-share gold concept stocks opened lower, with Baiyin Nonferrous, XINGYE SILVER&TIN, Yuguang Gold Lead, ZHONGJIN GOLD, SDR and other stocks opening at the limit down price. Precious metal futures weakened, with the main contract for platinum expanding its decline to 9%, the main contract for palladium falling 7%, and Shanghai silver and Shanghai gold dropping over 2%

The Hang Seng Index fell 498% in half a day, Zijin Mining dropped 10%, Shandong Gold fell 13%, and Alibaba and Xiaomi both dropped 2.7% | Hong Kong stock market opens

After seven consecutive rises, Hong Kong stocks retreated, with the Hang Seng Index opening down 182 points and falling as much as 536 points, closing at 27,469 points, down 498 points or 1.78%. The turnover was HKD 165.343 billion. The Tech Index fell 105 points or 1.8%. Meituan, JD, Tencent, Baidu, Alibaba, and Xiaomi all declined, while gold-related stocks such as Zijin Mining and Shandong Gold plummeted. New Oriental received positive ratings from major institutions, rising 3.56%. Sunny Optical issued a positive profit alert, rising 2% against the market trend. Meta and Microsoft's post-earnings performance weighed on the market

The NASDAQ Golden Dragon China Index preliminarily closed up 0.3%. Among popular Chinese concept stocks, Nio rose 3.8%, YUM China rose 1%, and Tencent, New Oriental, Li Auto, Xiaomi, and Meituan all rose over 0.9%. Alibaba fell 0.7%, NetEase fell 1.3%, WeRide fell 4.5%, and Pony.ai fell 7.9%. In terms of ETFs, ASHR rose 0.9%, KWEB rose 0.5%, and CQQQ fell 1.5%

The Nasdaq Golden Dragon China Index preliminarily rose by 0.3%. Among popular Chinese concept stocks, New Oriental rose by 4.9%, BYD and Li Auto rose by over 2%, and Alibaba, NetEase, Xiaomi, and MEITUAN rose by over 1%; Nio fell by over 0.7%, WeRide fell by 1.9%, and PDD fell by 3.8%. In terms of ETFs, CQQQ rose by 0.1%, and KWEB rose by 0.5%

In "The Big Banks," China International Capital Corporation predicts that Meituan's adjusted net loss for the last quarter will be RMB 13.2 billion, lowering the adjusted profit forecast for this year and next

CICC expects Meituan's revenue to grow by 4% to RMB 91.9 billion in the fourth quarter of last year, with an adjusted net loss of RMB 13.2 billion and a loss rate of 14%. Competition is expected to continue, focusing on the high unit price market and non-food retail sectors. Regulatory measures are expected to curb irrational competition. CICC maintains its forecast of a net loss of RMB 16.8 billion for 2025, with a shift from profit to loss in 2026, an adjusted net loss of RMB 9.7 billion, and a 34% downward revision of the net profit forecast for 2027 to RMB 29.9 billion, maintaining an "outperform the industry" rating with a target price of HKD 125