The Zhitong Finance App learned that the three major indices of Hong Kong stocks fell across the board today. The Hang Seng Index fell below the 25,000 mark after opening low in early trading, and the Hengke Index fell more than 3%. At the close, the Hang Seng Index fell 0.95% or 239.63 points to 24892.66 points, with a full-day turnover of HK$312.763 billion; the Hang Seng State-owned Enterprises Index fell 1.31% to 8251 points; and the Hang Seng Technology Index fell 3.04% to 4668.23 points.
Galaxy Securities believes that Hong Kong stocks are currently in a phased recovery window, not the starting point of a general rise reversal. From a financial perspective, the Hong Kong stock market has recently shown clear signs of capital return. This is the core driving force behind the strengthening of the market. Resonance between domestic and foreign investors in the technology sector has jointly boosted market sentiment. Overall, foreign capital remains cautious. The inflows are mainly passive and short-term flexible foreign capital, and active long-term global capital has yet to return on a large scale.
Blue-chip stock performance
Old-fashioned Gold (06181) performed brilliantly. At the close, it rose 6.09% to HK$397.2, with a turnover of HK$740 million, contributing 2.3 points to the Hang Seng Index. According to a research report released by Nomura, the management of the old gold store said in an investor conference call that sales in the second quarter of this year were affected by falling gold prices, and that countermeasures were implemented during the period, such as launching more attractive rebates and gifts, launching new products at more affordable prices, and providing support and promotion to high-end customers. The results were satisfactory and will be expanded to more stores in the second half of the year.
In terms of other blue-chip stocks, Xinyi Solar (00968) rose 6.37% to HK$2.17; Zijin Mining (02899) rose 6.03% to HK$33.42; SMIC (00981) fell 3.44% to HK$72.9; and New Oriental-S (09901) fell 3.09% to HK$38.3.
Popular sector aspects
On the market, large technology stocks were generally under pressure. Tencent fell more than 7%, and Ali fell nearly 3%. Gold stocks exploded across the board, with Chifeng Gold and Lingbao Gold soaring by more than 15%; domestic electrolytic copper banks hit a new low during the year, and copper stocks continued their recent gains; supernode concept stocks were active, Huaqin Technology rose more than 7%, and ZTE rose nearly 5%; the situation between the US and Iran continued to disrupt, and coal, oil and gas rose. On the other side, computing power hardware stocks such as PCB concept and optical communications dived in the afternoon, and Jiantao's laminated board fell more than 15%.
1. Gold stocks had the highest gains. At the close, Chifeng Gold (06693) rose 15.42% to HK$32.04; Lingbao Gold (03330) rose 15.13% to HK$19.18; Shandong Gold (01787) rose 4.86% to HK$19.86; and Zhaojin Mining (01818) rose 3.24% to HK$21.02.
On July 22, spot gold reached 4,100 US dollars/ounce, the first time in a week. Furthermore, in the first half of this year, the performance of listed companies in the gold sector experienced a concentrated explosion, mainly due to the sharp rise in gold prices over the same period last year, the company's production capacity expansion, and mining technology reform. Shen Wan Hongyuan pointed out that in the short term, non-agricultural agriculture and CPI fell short of expectations, and the price of gold stabilized as expectations of interest rate hikes eased, and the Middle East conflict was repeated or suppressed, but in the long run, the reshaping of the monetary and credit pattern will continue. The US fiscal deficit rate will increase after the passage of the US Act. Currently, China's gold reserves are low. The bank believes that the central bank's gold purchases are a long-term trend, and the gold price center will continue to rise. The current valuation of the precious metals sector is at the lower end of history.
2. Copper stocks continued their recent gains. At the close, Minmetals Resources (01208) rose 9.57% to HK$8.47; China Nonferrous Mining (01258) rose 5.99% to HK$14.68; Luoyang Molybdenum (03993) rose 4.77% to HK$17.36; and Jiangxi Copper (00358) rose 4.24% to HK$34.92.
A strong winter storm swept through central Chile, causing some large-scale copper operations to be affected, and port ship navigation was restricted. A number of mining companies have initiated safety emergency plans and made adjustments to some operations. Furthermore, according to the Shanghai Nonferrous Metals Network, as of July 20, social stocks of electrolytic copper in mainstream regions of the country decreased by 32,700 tons from last Thursday to 107,300 tons. Total inventories decreased by 11,300 tons compared to the same period last year. The current inventory hit a new low during the year. Societe Generale Securities believes that US copper tariffs will subsequently exacerbate structural contradictions in global inventories, that the US-Iran peace talks and interest rate hike expectations have led to improvements in macro-liquidity, and copper prices will rise and fall more easily in the future.
3. Supernode concept stocks are active. At the close, Huaqin Technology (03296) rose 7.23% to HK$74.2; ZTE (00763) rose 4.92% to HK$25.6; and Lenovo Group (00992) rose 3.7% to HK$24.1.
At the 2026 World Artificial Intelligence Conference WAIC, supernodes became one of the topics receiving the most attention. A number of computing power industry chain companies, including Huawei, Alibaba Cloud, Piao Technology, Moore Thread, Suiyuan Technology, Mu Xi Co., Ltd., and Xizhi Technology, have successively released their own supernode products. Guolian Minsheng Securities believes that judging from the overall machine process, Shengteng 950 and supernode cabinets equipped with self-developed chips from major Internet companies are expected to gradually enter the large-scale delivery stage, and manufacturers such as Lenovo Group and Huaqin Technology are expected to continue to benefit. CITIC Securities believes that supernodes are the core focus of WAIC and have become an important direction for guiding future computing power development to a system-level upgrade.
4. Coal and oil stocks rose. At the close, Yankuang Energy (01171) rose 4.48% to HK$12.13; China Coal Energy (01898) rose 3.31% to HK$10.91; and CNOOC (00883) rose 2.55% to HK$24.1.
The “New Regulations for Coordinating the Development and Safety of the Coal Industry in Shanxi Province” will soon be issued. It is intended to completely clean up and ban hidden work surfaces and strictly prohibit coal mining enterprises from using underground labor in any form or disguised way to dispatch workers. It is worth noting that the war between the US and Iran continues to be disrupted, and the Islamic Revolutionary Guard Corps of Iran used multiple missiles to attack the central data infrastructure of the US Amazon company in Bahrain. Earlier, the Houthis in Yemen announced the imposition of a “maritime embargo” on Saudi Arabia, which took effect immediately. The US-Iran conflict and the conflict between the Houthis and Saudi Arabia in Yemen are heating up at the same time, and the market is concerned that crude oil supply will be interrupted due to the blockage of passage through the Strait of Hormuz and the Strait of Mande.
Popular exotic stocks
Z FIN (01168) resumed trading and rose 30.07% to HK$5.32 at the close.
Z FIN was privatized by Asia Pacific Promotion Limited under Ou Yaping, the controlling shareholder. The cancellation price of each planned share was HK$6.60, a premium of about 61.37% over the closing price of HK$4.09 on the last trading day, and the maximum total cost was approximately HK$1,019 million.
Xinwei Medical-B (06609) had a positive return. At the close, it rose 12.95% to HK$46.56.
Xinwei Medical announced the 2026 mid-term profit forecast. The company expects to achieve revenue of no less than 280 million yuan in the first half of 2026, an increase of more than 50.9%; net profit of not less than 60 million yuan; adjusted net profit of not less than 70 million yuan, an increase of at least 104.7% year on year, further improving profitability.
CGN Mining (01164) was higher throughout the day. At the close, it was up 9.25% to HK$2.48.
CGN Mining announced that from January to June 2026, the natural uranium sales business of the CGN International Uranium Products Sales Company, a subsidiary of the Group, adopted a two-sided locked trade method, and profits on the business side were stable. The execution of some of the Group's annual natural uranium underwriting agreements and delivery of goods will be delayed until the second half of the year, and is not expected to have a significant negative impact on the annual business plan.
The stock price of Baosheng International (03813) fell sharply. At the close, it fell 8.7% to HK$0.315.
Baosheng International announced that it has received a notice from Nike that the Group's current online platform sales of Nike products in mainland China will be completely terminated on January 1, 2027. In the fiscal year ended December 31, 2025, revenue from online platform sales of Nike products accounted for about 15% of the Group's total revenue.