HK Stock Market Move | Apple concept stocks fell further in the afternoon, with Sunny Optical (02382) falling more than 7% and COWELL (01415) falling more than 6%.

Apple concept stocks fell further in the afternoon. As of the time of writing, Sun Yat-sen Optical (02382) fell by 7.29% to 62.35 Hong Kong dollars; COWELL (01415) fell by 6.32% to 25.95 Hong Kong dollars; Q TECH (01478) fell by 5.51% to 5.66 Hong Kong dollars; FIH (02038) fell by 4.76% to 0.8 Hong Kong dollars. On the news front, the National Development and Reform Commission and the Ministry of Finance issued a notice stating that subsidies for purchasing new digital products such as mobile phones will be implemented. Personal consumers purchasing digital products such as mobile phones, tablets, smart watches, and wristbands will receive a subsidy of 15% of the product sales price, with each consumer eligible for one subsidy per product category, not exceeding 500 yuan per item. However, the subsidy requires that the single selling price of digital products does not exceed 6,000 yuan. In addition, Apple's rating was unexpectedly downgraded to "sell" by an institution on Tuesday Eastern Time. The U.S. independent research firm MoffettNathanson downgraded Apple's rating from "neutral" and gave a target price of 188 USD, implying a decrease of about 22% from the current level. Senior analyst Craig Moffett of MoffettNathanson expressed concern that sales of the iPhone 16 have been lackluster, despite the release of new artificial intelligence (AI) software updates. He believes that the market is "overly disregarding" the risks of Apple stock, as the company's success in the field of artificial intelligence has already been fully priced in.