The appreciation of the Japanese yen against the US dollar by 0.6% has caused the market to focus on the increase in global arbitrage trading closing, and the Hang Seng Index continued to decline to a three-month low today. The Dow Jones and Nasdaq both fell 0.1% overnight. At the time of writing, the yield of the US 10-year bond fell to 4.234%, and the initial value of the euro zone's July manufacturing PMI fell to 45.6, lower than expected. The US dollar index rose to 104.52, and Dow futures fell 191 points or 0.5%, and Nasdaq futures fell 0.9%. The spot RMB fell 19 points to 7.2760 against the US dollar, and the Shanghai Composite Index fell 13 points or 0.46% to close at 2,901 points, a new low in over five months. The Shenzhen Component Index fell 1.3%, and the total turnover of the Shanghai and Shenzhen stock markets exceeded RMB 627.2 billion.

The Hang Seng Index opened down 14 points, rose 47 points in the initial stage to 17,516 points, and then fell again. In the afternoon, it fell 218 points to 17,251 points. It fell 158 points or 0.9% throughout the day and closed at 17,311 points. The China Enterprise Index fell 52 points or 0.9% and closed at 6,142 points. The Hang Seng Tech Index fell 53 points or 1.5% to close at 3,491 points. The total turnover of the market for the whole day was 86.899 billion yuan, and the net inflow of the Shanghai and Shenzhen-Hong Kong Stock Connect was 1.722 billion yuan and 0.32 billion yuan.

AIA Group (01299.HK) dropped 3.9% to close at HKD 51.6. Network technology stocks are performing individually, with Alibaba (09988.HK) up 0.1%, Tencent (00700.HK) down 0.8%, and Meituan (03690.HK) down 4.1% at HKD 113.3. NetEase (09999.HK) announced that the number of players who have pre-ordered and played the "Endless Journey" mobile game has exceeded 40 million. The stock price surged 4.6%, becoming the blue-chip stock with the largest increase.

Sell-off pressure on beverage stocks, NetEase rebounds against the market.

The quarterly performance of French luxury goods conglomerate LVMH was disappointing, and the stock price of Prada (01913.HK) fell 5.5% for the day. Jewelry retailer Chow Tai Fook (01929.HK) 's Q1 retail value fell 20% year-on-year, and the stock price fell 6.6% for the day. Bank of America Securities released a report lowering Chow Tai Fook's performance forecast for the 2025 fiscal year by 8%, reflecting weaker-than-expected same-store sales growth trends so far this year and more POS closures than expected, deciding to reduce its target price for Chow Tai Fook by 15%, from HKD 10.9 to HKD 9.3, and expects the company's sales to continue to be under pressure due to fluctuations in gold prices and a weak macro environment, reiterating its "neutral" rating.

Beverage stocks are under heavy selling pressure. China Resources Beer (00291.HK) fell 6.3% to close at HKD 25.3. Budweiser APAC (01876.HK) fell 5.1%, and Nongfu Spring (09633.HK) fell 7.1%. CICC released a report predicting that Nongfu Spring's revenue in the first half of the year will increase by a high single-digit year-on-year, mainly driven by the good performance of tea drinks and fruit juice. Net profit will also increase by a high single-digit year-on-year, mainly due to an improvement in product structure offsetting the adverse impact of packaged water, which will keep the net profit margin stable. The revenue performance was in line with expectations, and the profit performance may slightly exceed the market expectations, mainly due to the better-than-expected profit margin improvement brought about by the improvement of the product structure. CICC believes that its packaged water sales will suffer short-term pressure, and long-term repairs are expected. The competitiveness of the beverage industry continues to strengthen, and the profit forecasts for the two years will be reduced by 7% and 10%, respectively, taking into account the downward market valuation. The target price is lowered by 18% to HKD 45, and the "outperform" rating is maintained.

ASMPT (00522.HK) fell 23.1% to close at HKD 88 for the whole day. ASMPT announced that its sales revenue in the first half of this year was HKD 6.481 billion, a year-on-year decrease of 17.1%. The net profit was HKD 0.315 billion, a year-on-year decrease of 49.6%, with earnings per share of 76 cents. Dividend per share for the first half year was HKD 0.35, down 42.6% year-on-year and compared to HKD 0.61 per share for the same period last year. In the second quarter alone, the company's sales revenue was HKD 3.342 billion, a year-on-year decrease of 14.3%. The company expects that its sales revenue in the third quarter will reach between USD 370 million and 430 million, down 9.9% year-on-year according to the median estimate, and also down 6.4% sequentially.

The Hong Kong stock market turned weak today, and the ratio of rises and falls in the main board stocks was 13:27 (compared with 12:30 the previous day), with 1,150 stocks falling (a decrease of 2.5%). 19 Hang Seng Index constituent stocks rose today, and 62 constituent stocks fell, with a ratio of 23:76 (compared with 11:88 the previous day). The market recorded short selling of HKD 16.397 billion today, accounting for 21.989% of the turnover of tradable shares, which was higher than yesterday's 20.795%.

ASMPT (00522.HK) fell throughout the day, closing down 23.1% at HKD 88. ASMPT announced that its sales revenue in the first half of this year was HKD 6.481 billion, a year-on-year decrease of 17.1%. Net profit was HKD 0.315 billion, a year-on-year decrease of 49.6%, with earnings per share of 76 cents. Dividend per share for the first half of the year was HKD 0.35, down 42.6% year-on-year and compared to HKD 0.61 per share for the same period last year. In the second quarter alone, the company's sales revenue was HKD 3.342 billion, a year-on-year decrease of 14.3%. The company expects its sales revenue in the third quarter to reach between USD 370 million and 430 million, down 9.9% year-on-year according to the median estimate, and also down 6.4% sequentially.

Morgan Stanley's report pointed out that ASMPT's performance in the second quarter was lower than expected, with revenue of 3.342 billion yuan, which was 4% and 3% higher than the bank's and market expectations, respectively. The net profit was 0.135 billion yuan, which was 25% and 34% lower than the bank's and market expectations, respectively. According to the median, the company expected third-quarter revenue to fall by 6.4% quarterly, which was 17% and 20% lower than the bank's and market expectations. The company still bullish on the prospects of advanced packaging in the short term, but believes that the mainstream semiconductor business needs more time to recover. The bank is optimistic about ASMPT's momentum of continuous growth in advanced packaging business and maintains its "shareholding" rating with a target price of 130 yuan.