周二，恒生指数上涨260点，涨幅1.1%，收于24148点，在科技、消费和金融股领涨的基础上，四个交易日来首次收高。在中国最高领导层最近承诺加强对国内企业大幅降价的监管后，市场情绪有所改善，分析师表示，此举可能支持生产者价格反弹，并提高企业长期盈利。科技指数飙升约1.8%，因几家公司发布了乐观的利润预警，而消费者股上涨，因市场乐观地认为该市食品配送平台的补贴可能会推动更强劲的需求。然而，在美国总统特朗普警告将于8月1日开始大幅提高关税后，贸易担忧再次加剧，限制了涨幅。在5月份数据疲软之后，投资者在周三公布的中国6月份CPI和PPI数据之前也保持谨慎。涨幅最大的包括周大福珠宝（4.4%）、比亚迪电子（3.3%）、中芯国际（3.2%）和美团（2.6%）。

The Hang Seng climbed 260 points or 1.1% to end at 24,148 on Tuesday, closing higher for the first session in four amid broad-based gains led by tech, consumer, and financial stocks. Sentiment improved following a recent pledge from China’s top leadership to tighten oversight on aggressive price-cutting by domestic firms, a move analysts say could support a rebound in producer prices and boost long-term corporate earnings. The tech index surged around 1.8% as several firms issued upbeat profit alerts, while consumer shares gained on optimism that subsidies from food delivery platforms in the city could drive stronger demand. However, gains were capped by renewed trade worries after U.S. President Trump warned that significantly higher tariffs would begin on August 1. Investors also remained cautious ahead of China’s June CPI and PPI data due Wednesday, after weak figures in May. Top movers included Chow Tai Fook Jewellery (4.4%), BYD Electronic (3.3%), SMIC (3.2%), and Meituan (2.6%).

香港股市周二上午上涨166点，涨幅0.7%，至24051点，结束了连续三天的下跌。美国总统特朗普为进一步的贸易谈判敞开大门后，市场情绪有所改善，尽管他对几个国家征收了新的关税。随着广泛的“互惠”关税将于8月1日生效，人们也越来越希望中国在与美国的贸易休战后可以免于额外或新的征税。当地数据显示，香港6月外汇储备连续第二个月上升，达到近2年半以来的最高水平。然而，华尔街的微弱领先限制了进一步的涨幅。在中国6月CPI和PPI数据公布之前，交易员也持谨慎态度，因为通货紧缩风险持续存在。5月，消费者价格连续第四个月下跌，生产者通货紧缩加剧。大多数行业上涨，金融、科技和消费类股领涨。涨幅较大的公司包括快手科技（2.9%）、周大福珠宝（2.5%）、阳光光学（2.1%）和小米（1.8%）。

Hong Kong stocks rose 166 points or 0.7% to 24,051 in Tuesday morning’s session, snapping a three-day losing streak. Sentiment improved after U.S. President Trump left the door open to further trade talks, even as he imposed new tariffs on several countries. Hopes also grew that China may be spared from additional or fresh levies after a trade truce with the U.S., with the broad “reciprocal” tariffs set to take effect on August 1. In local data, Hong Kong’s forex reserves rose for the second straight month in June, hitting the highest level in nearly 2-1/2 years. However, a weak lead from Wall Street capped further gains. Traders were also cautious ahead of China’s June CPI and PPI data, amid persistent deflation risks. In May, consumer prices fell for a fourth month and producer deflation worsened. Most sectors advanced, led by financials, tech, and consumer stocks. Notable gainers included Kuaishou Tech (2.9%), Chow Tai Fook Jewellery (2.5%), Sunny Optical (2.1%), and Xiaomi (1.8%).

6月，香港外汇储备从上月上调的4311亿美元增至4319亿美元，为2023年1月以来的最高水平。该金额是流通货币的五倍多，约占香港M3的37%。包括未结算外汇合约在内，6月份外汇储备资产为4318亿美元。

Foreign exchange reserves in Hong Kong increased to $431.9 billion in June, marking the highest level since January 2023, up from an upwardly revised $431.1 billion in the previous month. The amount represented more than five times the currency in circulation, or about 37% of Hong Kong dollar M3. Including unsettled foreign exchange contracts, the foreign currency reserve assets amounted to $431.8 billion in June.

恒生指数周一下跌28点，跌幅0.12%，收于23888点，这是其第三个交易日的下跌，受到消费类和金融类股下跌的影响。谨慎的投资者消化了美国总统特朗普的新警告，即金砖国家可能面临额外10%的关税。在本周晚些时候公布的中国6月份CPI和PPI数据之前，交易员也变得谨慎，此前5月份消费者价格下跌了四个月，生产者通货紧缩是近两年来最严重的。由于与华盛顿的贸易休战，金砖国家成员之一的中国不太可能受到新征税的打击，因此损失有所减少。跌幅最大的包括中国虹桥（-2.8%）、美团（-2.6%）和农夫山泉（-2.2%）。医药股下跌，包括无锡生物（-4.6%）、信达生物（-4.5%）和阿克苏（-2.9%），此前北京方面限制政府购买欧盟医疗器械作为报复。从好的方面来看，浙江Leapmotor在与Stellantis子公司签署二氧化碳信用额度转让协议后上涨了5.3%。

The Hang Seng fell 28 points or 0.12% to close at 23,888 on Monday, marking its third session of losses, weighed by falls in consumer and financial stocks. Cautious investors digested a fresh warning from U.S. President Trump that BRICS countries could face an additional 10% tariff. Traders also grew cautious ahead of China’s June CPI and PPI data, due later this week, after four months of falling consumer prices in May and the steepest producer deflation in nearly two years. Losses were trimmed as China, one of the BRICS members, is unlikely to be hit by new levies due to a trade truce with Washington. Major losers included China Hongqiao (-2.8%), Meituan (-2.6%), and Nongfu Spring (-2.2%). Pharma stocks dipped, including Wuxi Biologics (-4.6%), Innovent Biologics (-4.5%), and Akeso (-2.9%), after Beijing curbed government buying of EU medical devices in retaliation. On the upside, Zhejiang Leapmotor jumped 5.3% after signing a CO2 credits transfer deal with Stellantis subsidiaries.