香港10年期国债 (HongKong10Y) 加自选

恒生指数周一上涨389点，收于24181点，涨幅1.6%，从前一交易日的下跌中恢复过来，达到近三个月来的最高水平。在美中高层贸易谈判前的乐观情绪推动下，这一增长是广泛的。科技板块领涨，中芯国际和美团各上涨4.9%，阿里巴巴上涨2.0%。稀土股也上涨，此前北京批准了一些出口申请，缓解了贸易紧张局势的担忧。然而，疲软的中国经济数据限制了进一步的涨幅。5月份出口增长为三个月来最低，而进口则以更快的速度萎缩。与此同时，中国CPI连续第四个月下降，PPI创下近两年来最大跌幅。投资者现在等待周三公布的美国通胀数据，这可能会影响对美联储降息的预期。巨人生物基因股价上涨3.1%，此前一位主要股东宣布计划增持股份。其他表现最好的公司包括信达生物（8.0%）、快手（5.5%）和Trip.com（4.4%）。

The Hang Seng jumped 389 points or 1.6% to close at 24,181 on Monday, recovering from losses in the prior session and reaching its highest level in near three months. The upswing was broad-based, fueled by optimism ahead of high-level U.S.-China trade talks. The tech sector led gains, with SMIC and Meituan each rising 4.9% while Alibaba rose 2.0%. Rare-earth stocks also advanced after Beijing approved some export applications, easing trade tension concerns. However, weak Chinese economic data capped further gains. May exports grew the least in three months, while imports shrank at a steeper pace. Meantime, Chinese CPI fell for the fourth month, and PPI posted its steepest fall in near two years. Investors now await U.S. inflation data due Wednesday, which may influence expectations for Fed rate cuts. Giant Biogene climbed 3.1% after a key shareholder announced plans to increase its stake. Other top performers included Innovent Biologics (8.0%), Kuaishou (5.5%), and Trip.com (4.4%).

香港股市周一早盘上涨346点，涨幅1.5%，至24138点，从前一交易日的下跌中反弹，创下12周新高，所有板块均上涨。稀土和科技股领涨，投资者期待美中高层贸易谈判。美国财政部长贝森特和中国副总裁何立峰今天将在伦敦会晤，以解决世界上最大的两个经济体之间的贸易争端。上周四，中国领导人习近平和美国总统特朗普在贸易和关键矿产问题上发生摩擦，双方罕见地通了电话。然而，进一步的涨幅受到大陆通货紧缩风险上升的限制，5月份消费者价格指数连续第四个月下跌，生产者价格指数下跌近两年来最大。此外，在今天晚些时候中国公布5月份贸易数据之前，人们普遍持谨慎态度。早期获奖者包括英伟生物（7.3%）、快手科技（7.0%）、美团（5.2%）和中芯国际（5.0%）。

Shares in Hong Kong surged 346 points or 1.5% to 24,138 during Monday morning trading, rebounding from losses in the prior session and hitting a 12-week high, amid gains across all sectors. The upturn was led by rare-earth and tech stocks as investors looked ahead to high-level U.S.-China trade talks. U.S. Treasury Secretary Bessent and Chinese VP He Lifeng are set to meet in London today to resolve trade disputes between the world’s two largest economies. The talks follow a rare phone call last Thursday between Chinese leader Xi Jinping and U.S. President Trump, amid friction over trade and critical minerals. However, further gains were capped by rising deflation risks on the mainland, with consumer prices falling for the fourth month in May and producer prices falling the most in nearly two years. Further, caution prevailed ahead of China’s May trade data release later today. Early winners included Innvent Biologics (7.3%), Kuaishou Tech. (7.0%), Meituan (5.2%), and SMIC (5.0%).

香港50指数升至11周高点23952.00点。过去4周，香港股市指数（HK50）上涨1.62%，过去12个月上涨31.65%。

HK50 increased to a 11-week high of 23952.00 Index Points. Over the past 4 weeks, Hong Kong Stock Market Index (HK50) gained 1.62%, and in the last 12 months, it increased 31.65%.

周五，恒生指数下跌114点，跌幅0.5%，收于23793点，结束了三天的连胜，并从前一天达到的两周高点回落，主要受科技板块下跌的拖累。在美中贸易谈判持续存在不确定性的情况下，交易员仍持谨慎态度，此前华盛顿和北京最近的一次通话对缓解紧张局势几乎没有明确说明。受唐纳德·特朗普和埃隆·马斯克之间的争端以及对美中贸易关系的重新担忧的压力，恒生指数也在一夜之间跟踪了华尔街的悲观走势。此外，一些投资者在中国关键经济数据公布之前持观望态度，包括下周一公布的CPI、PPI和贸易数据。跌幅最大的公司包括Trip.com Group（-3.3%）、阿里巴巴健康IT（-2.8%）、龙湖集团控股（-28%）和比亚迪（-2.2%）。尽管周五下跌，该指数仍创下0.8%的周涨幅，这得益于缓解贸易紧张局势的希望挥之不去。

The Hang Seng fell 114 points, or 0.5%, to close at 23,793 on Friday, snapping a three-day winning streak and retreating from a two-week high reached the previous day, primarily dragged down by losses in the tech sector. Traders remained cautious amid continued uncertainty over US-China trade talks, after a recent call between Washington and Beijing offered little clarity on easing tensions. The Hang Seng also tracked a downbeat session on Wall Street overnight, pressured by a dispute between Donald Trump and Elon Musk, along with renewed concerns over US-China trade relations. Additionally, some investors stayed on the sidelines ahead of key Chinese economic data, including CPI, PPI, and trade figures due next Monday. Among the top decliners were Trip.com Group (-3.3%), Alibaba Health IT (-2.8%), Longfor Group Holdings (-2.8%), and BYD (-2.2%). Despite Friday’s loss, the index posted a weekly gain of 0.8%, supported by lingering hopes of easing trade tensions.