Hong Kong equities retreated after an early advance, with all three major benchmarks turning negative in afternoon trading. The Hang Seng Index settled 0.29% or 72.36 points lower at 24,517.76, while turnover reached HK$258.95 billion. The Hang Seng China Enterprises Index declined 0.18% to 8,861.39, and the Hang Seng Tech Index edged down 0.24% to 5,418.4. Analysts at Shenwan Hongyuan maintained optimism about Hong Kong and A-share investment opportunities, projecting that Hong Kong will play a crucial role in global financial restructuring, with quality assets expected to gain prominence as a core capital market.

Blue-chip leader Anta Sports (02020.HK) climbed 2.28% to HK$91.85, contributing 4.55 points to the index following its Q2 trading update. The sportswear giant reported low-single-digit growth for its namesake brand and mid-single-digit expansion for FILA, while other brands surged 50-55% year-on-year. Kuaishou Technology (01024.HK) added 2.13% to HK$69.6, boosting the index by 6.9 points, while Trip.com Group (09961.HK) rose 1.59% to HK$498.2, contributing 3.36 points. Conversely, Shenzhou International (02313.HK) slid 2.75% to HK$56.6, dragging the benchmark down by 2.1 points, and Zhongsheng Group (00881.HK) dropped 2.67% to HK$11.66, weighing 0.33 points.

Sector highlights revealed stark divergences: 1. Robotics concepts surged as humanoid technology catalysts multiplied. Sheng Ye Capital (06069.HK) jumped 13.86% to HK$13.8 after a positive profit alert, while Kong Sun Robot (00370.HK) soared 10.74% to HK$1.65. Sanhua Intelligent Control (02050.HK) advanced 8.37% to HK$25.9, and Johnson Electric (00179.HK) gained 3.89% to HK$22.7. Industry developments included Unitree Robotics reporting shipment growth for its G1 model and a RMB124 million joint order win for humanoid robots, prompting Wanlian Securities to declare the sector at a "dawn of mass production."

2. Innovative drug stocks extended their rally, with Livzon Pharmaceutical (01513.HK) surging 13.15% to HK$37 and Luye Pharma (02186.HK) rising 9.4% to HK$3.84. Akeso (09926.HK) climbed 4.39% to HK$126, while HUTCHMED (00013.HK) added 3.26% to HK$26.9. The momentum followed China's 11th national drug procurement announcement, which explicitly excluded innovative medicines from centralized buying. Bank of Communications International highlighted value re-rating potential, noting foreign investors' underweight positioning despite mainland capital inflows.

3. Stablecoin plays resurged as China 33 Media (08087.HK) rocketed 72.73% to HK$5.89 after revealing plans to apply for Hong Kong's stablecoin license. Lianlian DigiTech (02598.HK) increased 5.07% to HK$14.5, Guotai Junan International (01788.HK) advanced 4.93% to HK$6.38, and YK Group (09923.HK) gained 4.89% to HK$14.58. With Hong Kong's Stablecoin Ordinance effective August 1 and initial licenses expected in single digits, Shanxi Securities projected industry expansion and real-world asset (RWA) application opportunities.

4. New consumption stocks diverged: Guoquan Food (02517.HK) leapt 7.29% to HK$3.53 on projected H1 net profit growth of 111-146%, while Auntea Judy (02589.HK) edged up 1.99% to HK$133.2. Guming Food (01364.HK) however fell 4.26% to HK$25.85, and Blue Moon Group (00325.HK) slipped 1.8% to HK$130.6. The sector drew contrasting analyst views, with Min Sheng Securities endorsing generational consumption shifts and Guojin Securities suggesting dip-buying opportunities.

Notable movers included Willas-Array Electronics (00854.HK), which skyrocketed 288.34% to HK$12.66 after resuming trade, having soared 918% intraday. The STMicroelectronics and Sony distributor is controlled by A-share firm Yat Chuen Electronics. Chongqing Machinery (02722.HK) climbed 14.06% to HK$1.46 amid Nvidia's H20 chip sales resumption, benefiting its Cummins engine joint venture. Jufang Investment (09636.HK) rose 10.06% to HK$45.95 after proposing a HK$746 million share placement for RWA and digital asset investments. Conversely, Quzhi Group (00917.HK) plunged 12.06% to HK$113 on a discounted share sale plan raising HK$314 million for business expansion.