On July 15, Hong Kong's three major stock indices collectively advanced during the morning session. By midday, the Hang Seng Index rose 0.2% to 24,250.90, while the Hang Seng Tech Index climbed 0.41% and the Hang Seng China Enterprises Index gained 0.1%. Sector performances diverged significantly: technology stocks showed mixed results with Bilibili-W leaping over 4%, alongside Alibaba, NetEase, Meituan, and Kuaishou each gaining more than 1%, while Lenovo Group dipped nearly 1%. Biopharmaceutical concepts led the gains, with Nuocheng Jianhua soaring above 5%. Stablecoin-related equities demonstrated strength, highlighted by Yunfeng Financial's explosive 18% surge. Conversely, property developers declined broadly as Yajule Group plummeted over 8%, while gold equities retreated with China Silver Group tumbling beyond 8%. China Merchants Securities outperformed, jumping more than 5%.
Biopharmaceutical concepts drove market gains, with Nuocheng Jianhua surging over 5%. Yang Delong, Chief Economist at Qianhai Open Source Fund, attributed this momentum to China's National Healthcare Security Administration releasing its 2025 drug catalog adjustment plan on July 10. The simultaneous optimization of basic medical insurance and commercial health insurance catalogs is accelerating innovation-driven pharmaceutical stocks. Yang emphasized that biopharmaceutical sectors, particularly innovative drugs, warrant ongoing attention in the second half.
Stablecoin concepts exhibited notable strength, evidenced by Yunfeng Financial's 18% rally. China Securities research indicates blockchain-based stablecoins enhance cross-border payment efficiency, broaden financial inclusion, and catalyze innovations like DeFi and RWA markets. This dual disruption—breaking traditional financial barriers while fostering new ecosystems—positions virtual asset infrastructures for accelerated growth, with stablecoin core technologies and supporting IT sectors poised for breakthrough opportunities.
Property stocks faced broad declines, with Yajule Group sinking over 8%. National Bureau of Statistics data revealed a steeper-than-expected 11.2% year-on-year drop in China's first-half real estate development investment, reaching RMB 4.67 trillion. Residential investments fell 10.4% to RMB 3.58 trillion. June data showed first-tier cities' new home prices declining 1.4% annually, though the contraction narrowed by 0.3 percentage points. Shanghai prices increased 6.0%, while Beijing, Guangzhou, and Shenzhen dropped 4.1%, 5.1%, and 2.5% respectively.
Gold equities corrected sharply, with China Silver Group plunging over 8%. Goldman Sachs noted central banks averaged monthly gold purchases of 77 tonnes from January to May. The firm maintains its bullish outlook, projecting gold prices to hit $3,700/oz by end-2025 and $4,000 by mid-2026, reiterating its long-term buy recommendation.
China Merchants Securities surged over 5% after its subsidiary CMB International secured approval from Hong Kong's Securities and Futures Commission. This milestone establishes CMB International as the first Chinese bank-affiliated brokerage licensed for virtual asset trading services in Hong Kong.