The Hong Kong stock market opened lower today, continuing its recent downward trend. As of the latest update, the Hang Seng Index opened at 25,701.63 points, down 250.77 points or 0.97%.

The Hang Seng Tech Index also declined, opening at 5,716.54 points, a drop of 101.75 points or 1.75%. Analysts attributed the weak opening to overnight losses in U.S. markets, where the Dow Jones Industrial Average fell 0.53% and the Nasdaq Composite dropped over 2%, impacting sentiment across the Asia-Pacific region.

In the IPO market, electric vehicle maker SERES (09927.HK) made its trading debut but faced immediate pressure, falling below its IPO price. The stock hit a low of HK$118, nearly 10% below its issue price of HK$131.5.

Sector-wise, technology and internet stocks led the declines, with Bilibili down over 5%, Kuaishou dropping more than 3%, and Alibaba and Tencent both falling over 2%. Gold-related stocks extended losses, with Zijin Mining International sliding over 3%, while most lithium battery stocks also retreated, including Ganfeng Lithium, which fell more than 4%.

**Market Outlook:** CICC noted that Hong Kong's market performance this year has been closely tied to liquidity, driven by two key factors: global capital diversification amid "de-dollarization" narratives and sustained inflows from mainland investors via the Southbound Stock Connect. Notably, retail investors have played a significant role in recent inflows, suggesting their influence could be a major variable in future market movements.

Meanwhile, UBS commented on recent adjustments to VAT policies for gold investments, stating that tighter regulations may reduce liquidity in investment-grade gold products, potentially shifting demand toward gold ETFs. The bank also expects added tax costs to be passed on to consumers, possibly dampening gold jewelry demand and accelerating market consolidation toward larger brands.