Overnight, all three major U.S. stock indices fell again, while the China Golden Dragon Index rose early but then retreated. Today marks the final trading day of 2025 for Hong Kong stocks, with the market open for only a half-day. The Hang Seng Index opened 53 points lower this morning at 25,801 points. The market immediately fell, with losses widening to 300 points at one point, hitting a low of 25,554 points and once again falling below the 20-day moving average. At the close, the Hang Seng Index fell 0.87%, while the Tech Index dropped 1.12%; total trading volume on the Hang Seng Index reached 118.97 billion Hong Kong dollars. In the market, semiconductor stocks extended their rally to a third consecutive day, while film and television, aviation, non-ferrous metals, and heavy machinery stocks continued yesterday’s upward momentum; application software stocks also gained strength; pharmaceutical distribution and biopharmaceutical stocks weakened again, while gaming software, online education, and non-alcoholic beverage stocks experienced volatile pullbacks. Among individual stocks, Cinda Biotech (01801.HK) and NetEase (09999.HK) fell more than 3%, Ctrip Group (09961.HK), New Oriental (09901.HK), Leapmotor (09863.HK), and BYD (01211.HK) all fell more than 2%; Baidu (09888.HK) and Sunny Optical Technology (02382.HK) rose more than 1%.