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香港股市周二上午下跌26点，跌幅0.1%，至24711点，扭转了前一交易日的涨幅。由于暴雨扰乱了公共活动，该市气象局将最高“黑色”暴雨预警延长至上午11点后，交易员们仍然保持谨慎。根据修订后的政策，香港证券交易所仍然开放，允许交易在不受天气影响的情况下继续进行。投资者也在谨慎等待中国7月份的贸易数据和即将公布的通胀数据，因为人们担心贸易壁垒上升和国内需求疲软。消费类股下跌，房地产、金融和科技股小幅上涨。周五抛售后，华尔街出现一些逢低买盘，9月降息的赌注增加，隔夜反弹限制了进一步的下跌。与此同时，根据一项私人调查，7月份中国的服务业活动增长了14个月来最多。值得注意的下跌包括KE-Hlds。（-4.4%）、老铺（-3.1%）、周大福（-2.7%）和美团（-1.1%）

Hong Kong stocks fell 26 points or 0.1% to 24,711 on Tuesday morning, reversing gains from the prior session. Traders remained cautious after the city’s weather bureau extended its highest "black" rainstorm warning until 11 a.m., as torrential rain disrupted public activities. The Hong Kong Stock Exchange remained open under a revised policy allowing trading to continue regardless of the weather. Investors also cautiously awaited China’s July trade data and upcoming inflation figures, amid concerns over rising trade barriers and weak domestic demand. Consumer stocks dropped amid modest gains in property, financials, and tech. Further losses were capped by a rally on Wall Street overnight amid some bargain hunting after Friday’s selloff and rising bets on a September rate cut. Meanwhile, services activity in China grew the most in 14 months in July, according to a private survey. Notable decliners included KE Hlds. (-4.4%), Laopu (-3.1%), Chow Tai Fook (-2.7%), and Meituan (-1.1%)

标普全球香港特别行政区PMI从6月的47.8升至2025年7月的49.2，创下六个月来的最高值。虽然这标志着私营部门活动连续第六个月收缩，但下降速度是当前经济衰退中最温和的。尽管外国需求，特别是来自中国大陆的需求继续大幅下降，但较温和的恶化反映了产出和新订单总额的下降速度放缓。疲软的需求状况也导致了新的失业，而商业信心仍然强烈悲观。在通货膨胀方面，由于购买价格上涨，投入成本压力加速至四个月来的最高点。然而，7月份的销售价格基本保持稳定。

The S&P Global Hong Kong SAR PMI rose to 49.2 in July 2025 from 47.8 in June, marking the highest reading in six months. While this signaled a sixth consecutive monthly contraction in private sector activity, the pace of decline was the softest in the current downturn. The milder deterioration reflected slower declines in both output and total new orders, though foreign demand, particularly from Mainland China, continued to fall sharply. Weak demand conditions also led to renewed job losses, while business confidence remained strongly pessimistic. On the inflation front, input cost pressures accelerated to a four-month high, driven by rising purchase prices. However, selling prices remained broadly stable in July.

周一，恒生指数上涨226点，涨幅0.9%，收于24733点，结束了四个交易日的下跌，所有板块均上涨。交易员们期待着将于8月12日到期的美中贸易休战的发展。与此同时，美国财政部长贝森特表示，在最近斯德哥尔摩举行的贸易谈判之后，华盛顿对与中国达成协议持乐观态度。另外，中国最高领导人在上周的政治局会议上承诺支持经济，控制“无序竞争”。北京还确认，第四次全体会议将于10月举行，可能重点讨论下一个五年计划。中国7月贸易报告和CPI/PPI数据公布前的谨慎态度限制了进一步上涨。与此同时，在官方数据显示服务业增长为八个月来最慢之后，周二将公布7月份私人服务业采购经理人指数。浙江Leapmotor（8.3%）和小鹏（2.5%）因7月份强劲的交付量而飙升。其他涨幅最大的股票包括老蒲黄金（6.3%）、联想（4.7%）和中芯国际（2.8%）。

The Hang Seng climbed 226 points or 0.9% to end at 24,733 on Monday, snapping a four-session dip as all sectors gained. Traders looked ahead to developments on the U.S.-China trade truce, set to expire on August 12. Meanwhile, U.S. Treasury Secretary Bessent said Washington is optimistic about reaching a deal with China, following recent trade talks in Stockholm. Separately, China's top leaders pledged to support the economy and rein in “disorderly competition” during last week’s Politburo meeting. Beijing also confirmed its fourth plenum will be held in October, likely focusing on the next five-year plan. Further gains were capped by caution ahead of China’s July trade report and CPI/PPI figures. Meantime, a private July services PMI will be due Tuesday, after official data showed the slowest services growth in eight months. Zhejiang Leapmotor (8.3%) and Xpeng (2.5%) surged on strong July deliveries. Other top gainers included Laopu Gold (6.3%), Lenovo (4.7%), and SMIC (2.8%).

香港股市周一早盘上涨98点，涨幅0.4%，至24607点，结束了连续四天的下跌，房地产和科技板块领涨。上周，中国最高领导人在政治局会议上承诺支持经济并解决“无序竞争”问题后，市场情绪有所改善。北京还确认了将于10月举行第四次全体会议的计划，该会议可能以下一个五年计划为中心。周五，华尔街因疲软的就业数据大幅下跌，美国期货小幅反弹，增加了支撑。在关税方面，美国财政部长斯科特·贝森特表示乐观，称美国和中国在最近斯德哥尔摩会谈后“有达成协议的可能”。然而，在即将到来的7月私人调查服务业采购经理人指数和本周晚些时候公布的中国7月贸易数据之前，谨慎态度缓和了进一步的上涨。领先者包括招金矿业（7.1%）、联想集团（2.6%）、中芯国际（2.9%）和新鸿基地产（2.0%）。

Hong Kong shares rose 98 points or 0.4% to 24,607 on Monday morning deals, snapping a four-day losing streak amid broad-based gains led by property and tech sectors. Sentiment improved after China’s top leaders pledged to support the economy and address “disorderly competition” during a Politburo meeting last week. Beijing also confirmed plans to hold its fourth plenum in October, likely centered on the next five-year plan. A modest rebound in U.S. futures added support, following Wall Street’s sharp drop Friday on weak jobs data. On the tariff front, U.S. Treasury Secretary Scott Bessent expressed optimism, saying the U.S. and China have “the makings of a deal” after recent talks in Stockholm. However, further gains were tempered by caution ahead of the upcoming July services PMI from a private survey and China’s July trade figures, due later this week. Early movers included Zhaojin Mining Industry (7.1%), Lenovo Group (2.6%), SMIC (2.9%), and Sun Hung Kai Properties (2.0%).