The commercial space concept led the declines in the Hong Kong stock market. As of writing, DRINDA (02865) fell 9.13% to HKD 21.5; APT SATELLITE (01045) dropped 6.68% to HKD 3.77; Goldwind Science & Technology Co., Ltd. (02208) declined 3.58% to HKD 14.54; and AVICHINA (02357) was down 2.75% at HKD 4.25. On the news front, the commercial space concept sector has recently undergone significant adjustments. A number of related listed companies have collectively issued clarification announcements and risk warnings. This marks the most concentrated wave of risk alerts for the sector since it initiated a new round of gains last December. A commentary article from CNR.cn last Saturday stated that the regulatory "cooling" is not intended to "extinguish the fire" or suppress the market, but rather to squeeze out bubbles, curb speculation, and guide capital towards high-quality targets. The Economic Daily also published an article urging not to let concept speculation derail the development of commercial space. Great Wall Securities commented that although the commercial space sector is experiencing a pullback, support from national policy for the industry is very clear. On January 17th, the IPO guidance status for CAS Space, a leading commercial space company, was updated to "guidance acceptance inspection," making it the second commercial rocket company, following LandSpace, to initiate an IPO journey under the fifth set of criteria for the STAR Market, which could potentially drive the sector in the near term.