The three major indices of the Hong Kong stock market are adjusting and weakening! Brokerage firms lead the decline, while pharmaceutical stocks rise against the trend.

On September 3, the Hong Kong stock market continued its adjustment trend, with the three major indices collectively falling. The Hang Seng Index closed down 0.6%, the National Enterprises Index dropped 0.64%, and the Hang Seng Tech Index fell by 0.78%, with an overall weak market atmosphere.

I witnessed the collective fall of Chinese brokerage stocks. Guolian Minsheng fell by 5.02%, Zhongzhou Securities plunged by 3.9%, Cathay Securities and Hongye Futures dropped by 3.49% and 3.61% respectively, and China International Capital Corporation was not spared, declining by 3.26%. This wave of collective adjustment in brokerage stocks has truly caused great pain for investors holding related stocks.

The consumer sector also performed sluggishly, with beer, home appliances, automobiles, and airline stocks all struggling to escape the fate of falling. China Resources Beer fell by 3.45%, Hisense Home Appliances dropped even more by 5.07%, BYD shares declined by 2.53%, and airline stocks China Southern Airlines and Air China fell by 2.37% and 1.79%, respectively. This phenomenon of widespread weakness is concerning.

The real estate sector continues to show weakness, with Shimao Group plummeting by 7.69%, Agile Property Services dropping by 3.58%, Yuexiu Property and New Town Development falling by 2.46% and 2.45% respectively, and Greentown China also declining by 1.58%. The gloom surrounding the real estate industry seems unlikely to dissipate in the short term.

However, there are always highlights in the market, with the pharmaceutical sector becoming the most dazzling star of the day. Chuangsheng Group surged by 33.25%, Sanye Clover Biotechnology soared by 29.75%, Shengnuo Pharmaceutical rose by 21.01%, Jiahe Biotechnology increased by 19.48%, and Micromin Robot gained 13.28%. This wave of collective explosion in pharmaceutical stocks was mainly driven by the favorable policy emphasized by Tan Zuojun, Deputy Director of the State-owned Assets Supervision and Administration Commission of the State Council, to “accelerate the development of the central enterprise biomedical industry,” as well as the anticipated boost from the World Lung Cancer Conference to be held from September 6 to 9.

The internet medical and AI medical sectors also performed well, with minimally invasive robots surging 13.28%, Ping An Good Doctor rising 10.3%, and Ark Health increasing 6.78%, indicating that investors remain optimistic about the medical technology sector.

Gold stocks and non-ferrous metal stocks continue to rise under the push of international gold prices. New York gold futures have broken through $3600, setting a historical high, coupled with weak economic data from the United States. The market expects the Federal Reserve to increase monetary easing efforts, and these factors have collectively supported the rise in precious metal prices. Lingbao Gold rose 6.09%, Zhaojin Mining rose 4.03%, and Jiangxi Copper rose 4.71%.

The photovoltaic solar energy concept and some consumer stocks, including automobile dealers, luxury goods, and Hong Kong retail stocks, have also performed well, providing a glimmer of brightness to the market.

The current market style is clearly differentiated, with sectors such as pharmaceuticals and gold leading the way, while traditional consumption, real estate, and brokerage sectors continue to face pressure. Investors need to respond cautiously to this structural market situation, avoiding weak sectors and focusing on high-quality tracks supported by policy and fundamental improvements.