Hong Kong stocks opened low and rose high, with the Hang Seng Index up nearly 1%. The autonomous driving sector performed well, with the rare earth sector showing strength.
On the market, rare earth concept stocks are strong, tobacco, dental, and autonomous driving have seen significant gains, while new energy vehicles have experienced a pullback. Mechanical stocks and CXO concept stocks are leading the decline.
On Tuesday, July 4th, the Hong Kong stock market opened low and then rebounded. The Hang Seng Index and Hang Seng TECH Index turned positive, and then remained volatile.
By the midday close, the Hang Seng Index rose by 0.55%, the Hang Seng TECH Index rose by 0.91%, and the state-owned enterprise index rose by 0.49%.
On the market, rare earth concept stocks performed strongly, with tobacco, dental, and autonomous driving stocks leading the gains. New energy vehicle stocks experienced a correction, while machinery and CXO concept stocks led the declines.
Most tech stocks rise
Most tech stocks rose, with JD.com up nearly 3%, Baidu up over 2%, and CLOUD MUSIC and MEITUAN-W following the trend.
Correction in new energy vehicle stocks
New energy vehicle stocks experienced a correction, with XPENG-W down over 4%, NIO-SW down over 3%, and LI AUTO-W and GEELY AUTO also experiencing a correction.
Continued strength in the autonomous driving sector
The autonomous driving sector continued to show strength, with ZHEJIANG SHIBAO up over 22% and BYD following the trend.
According to a research report from CITIC Securities, unmanned aerial vehicles are widely used in the civil field. The recently released "Interim Measures for the Management of Unmanned Aerial Vehicle Flight" clarifies the specific management rules for unmanned aerial vehicles. The application scope and market size of unmanned aerial vehicles will continue to expand and gradually deepen and refine industry applications. In terms of development types, this "regulation" implements relatively relaxed management for micro, light, and small unmanned aerial vehicles. It is expected that the market for small and light unmanned aerial vehicles will develop rapidly, and the drone market will diversify.
Initial rise in rare earth concept stocks
Rare earth concept stocks rose sharply at the beginning of the trading session, up over 12% and over 3%.
In terms of news, in the past few years, China has implemented export quota management for rare earths. On July 3rd, according to the official website of the Ministry of Commerce, the Ministry of Commerce and the General Administration of Customs issued the "Announcement on the Implementation of Export Control on Gallium and Germanium-related Items." The regulation states that, in order to safeguard national security and interests, with the approval of the State Council, it has been decided to implement export control on gallium and germanium-related items.