Today (October 22), the Hong Kong stock market opened slightly lower in the morning session.

As of writing, the Hang Seng Index was at 25,897 points, down 129.93 points or 0.50%.

The Hang Seng Tech Index was at 5,958 points, down 49.31 points or 0.82%.

In terms of key sectors, affected by the plunge in international gold prices, the gold stock sector collectively fell sharply today.

On the news front, international gold and silver prices fell significantly. Spot gold dropped 5.18% to $4,130.41 per ounce, at one point marking its largest single-day drop since April 2013. Spot silver fell 7.16% to $48.705 per ounce, at one point recording its largest drop since 2021. The COMEX gold futures continuous contract settlement price fell by $250.30, or 5.74%, to $4,109.1 per ounce.

According to media reports, analysts pointed out that profit-taking was one of the main reasons triggering this plunge in gold and silver. Additionally, the temporary easing of global trade tensions led to a decrease in safe-haven demand, also suppressing gold and silver prices.

Regarding individual stocks, Tongguan Gold (00340.HK) fell over 8%, China Gold International (02099.HK), Lao Feng Xiang Gold (06181.HK), Lingbao Gold (03330.HK) fell over 6%, Zhaojin Mining (01818.HK), Zijin Mining (02899.HK), Shandong Gold (01787.HK), Zijin Gold International (02259.HK) fell over 5%.

Regarding key companies, Pop Mart (09992.HK) fell 8% yesterday and announced its third-quarter results after the market closed. This morning, Pop Mart's stock price opened over 7% higher.

The announcement showed that Pop Mart's total revenue (unaudited) for the third quarter of 2025 increased by 245% to 250% year-on-year compared to the third quarter of 2024, with China revenue increasing by 185% to 190% year-on-year and overseas revenue increasing by 365% to 370% year-on-year.

In other areas, in the market, technology stocks generally fell, with Baidu, NetEase, Alibaba, and Kuaishou down over 1%; most innovative drug concept stocks opened higher, with Innovent Biologics up over 9%; Chinese brokerage stocks were active, with CITIC Securities up over 1%.

Outlook:

Guoyuan International believes that the medium to long-term resilience of Hong Kong stocks remains unchanged, and short-term adjustments provide quality entry points.

Caitong Securities pointed out that the market is in the early stage of a resonance between improving macro liquidity and the AI technology cycle. Leaders like Tencent and targets in the AI computing power industry chain deserve close attention.

CMSC (Hong Kong) suggests allocating both risk assets and safe-haven assets simultaneously. Besides the two main investment themes of AI and non-ferrous metals, the flexibility of insurance stocks is also worth watching. In terms of value strategy, it is recommended to allocate to the low-valued essential consumption sector, while also positioning early for "turnaround" opportunities and selecting high-dividend stocks.