The Federal Reserve announced it would maintain current interest rates, largely in line with market expectations, but the continued cooling of rate cut expectations for September caused significant market turbulence. On July 31, key Hong Kong stock indices opened lower, with the Hang Seng Index dropping over 1% intraday, while the Hang Seng ETF (159920) adjusted in line with the index.

The Hong Kong stock market experienced a significant pullback this week. As of the previous close, the Hang Seng Tech Index ETF (513180) and Hang Seng Internet ETF (513330) had been adjusting for multiple consecutive days. In contrast, the healthcare sector bucked the trend, with the Hang Seng Healthcare ETF (159892) rising over 2% intraday and repeatedly hitting new highs recently, accompanied by sustained active trading.

Innovative drugs have become the market's consensus near-term focus, with continuous inflows of capital. WuXi AppTec's better-than-expected half-year earnings boosted market confidence, while the implementation of childcare subsidies further lifted vaccine-related industries.