Hong Kong's three major stock indexes closed lower on August 25, with the Hang Seng Index dipping 0.02% to 25,511.10 points, the Hang Seng Tech Index losing 0.12%, and the H-shares Index falling 0.31%. Despite the broader market weakness, technology stocks showed a mixed but largely positive performance, with Zhipu surging over 5% following a sharp decline of more than 10% in the previous session, Lenovo adding nearly 4%, NetEase climbing over 2%, and Alibaba advancing more than 1.5%.

Semiconductor stocks rallied in the afternoon session, with GIGADEVICE and MONTAGE TECH both gaining close to 5%. Adding to the sector's momentum, SMIC and Hua Hong Semiconductor are scheduled to release their first-half results on August 26 and 27. According to Shing Kong Securities, mature process nodes are currently experiencing favorable pricing competition amid capacity expansion and demand overflow, which continues to support a steady rise in gross margins.

The brokerage noted that wafer foundry results have exceeded expectations with optimistic guidance, reflecting robust demand across downstream AI computing, memory, power management, and analog semiconductor sectors. Domestic foundry leaders are benefiting from demand spillover and an upward cycle, with localization and profitability improvements expected to persist.

Gold stocks broadly declined, with Lingbao Gold falling over 6%, Zhaojin Mining dropping more than 5%, Chifeng Gold losing 4%, and Shandong Gold down over 3%. Spot gold initially spiked during the morning session, briefly approaching $4,700 per ounce before reversing course; it has since slipped below $4,630 per ounce. Goldman Sachs has recently suggested that its previous year-end target of $4,900 per ounce may prove conservative.

Auto stocks also saw partial declines, with XPeng falling more than 9%, Leapmotor dropping over 5.7%, and both Li Auto and NIO losing over 3%.