香港50指数 (HangSeng) 加自选

周四，恒生指数上涨136点，涨幅0.6%，收于24028点，部分从前一天的大幅下跌中恢复过来，金融和房地产股强劲上涨。在上个月中国生产者价格指数出现近两年来最大跌幅后，交易员们寻找政策支持的迹象。与此同时，6月份联邦公开市场委员会会议纪要显示，“大多数参与者”预计今年晚些时候降息是合适的，关税带来的任何通货膨胀都被视为“暂时或适度的”。市场基本上对美国总统特朗普的新关税威胁不屑一顾，分析师指出，投资者似乎对不断变化的言论越来越“麻木”。然而，在周末中国6月贸易数据公布之前，谨慎的态度限制了涨幅。排名靠前的包括KE-Hlds。（6.8%）、Smoore International（6.2%）、华润置地（4.5%）和中国海外发展（4.3%）。下跌方面，香港科技股小幅下跌，尽管纳斯达克综合指数收盘创下历史新高，英伟达创下历史最高纪录。

The Hang Seng rose 136 points or 0.6% to close at 24,028 on Thursday, partly recovering from a sharp drop the day before amid strong gains in financial and property stocks. Traders looked for signs of policy support after China’s producer prices last month shrank the most in near two years. Meanwhile, minutes from the June FOMC meeting showed that “most participants” expected rate cuts would be appropriate later this year, with any inflation from tariffs seen as “temporary or modest.” Markets largely brushed off fresh tariff threats from U.S. President Trump, with analysts noting investors appear increasingly “numb” to the shifting rhetoric. However, gains were capped by caution ahead of China’s June trade data due over the weekend. Top movers included KE Hlds. (6.8%), Smoore Intl. (6.2%), China Resources Land (4.5%), and China Overseas Land (4.3%). On the downside, Hong Kong's tech stocks fell slightly despite a record close on the Nasdaq Composite, where Nvidia hit an all-time high.

香港股市在周四的一个动荡交易日上涨44点，涨幅0.2%，至23937点，扭转了前一交易日的大幅下跌，主要来自金融和房地产。一夜之间，华尔街科技股上涨，提振了市场情绪。与此同时，美国总统特朗普再次向美联储施压，敦促降息至少30个百分点，以降低国债再融资成本。另外，6月份联邦公开市场委员会会议纪要显示，大多数官员认为今年晚些时候有可能降息，尽管决策将取决于经济数据和风险。在中国，消费者价格小幅上涨，但未能缓解通货紧缩的担忧，而在需求疲软和关税相关压力下，生产者价格指数出现了两年来的最大跌幅。然而，在中国将于周末公布的6月贸易数据公布之前，市场的谨慎态度限制了进一步的上涨。早期上涨股包括KE控股（4.4%）、中国海外发展（3.1%）、中通快递（2.8%）和中芯国际（1.6%）。

Hong Kong stocks increased 44 points or 0.2% to 23,937 in a volatile Thursday session, reversing a sharp decline in the prior session amid gains mainly from financials and property. A positive lead from Wall Street overnight, where tech stocks rallied, lifted sentiment. Meanwhile, U.S. President Trump renewed pressure on the Fed, urging a rate cut of at least 3ppts to ease national debt refinancing costs. Separately, minutes from the June FOMC meeting showed most officials saw a rate cut as likely later this year, though decisions would depend on economic data and risks. In China, consumer prices edged up slightly but failed to ease deflation worries, while producer prices posted their sharpest decline in two years amid weak demand and tariff-related pressures. However, further gains were limited by caution ahead of China’s June trade data, set to be released over the weekend. Among early gainers were KE Holdings (4.4%), China Overseas Land (3.1%), ZTO Express (2.8%), and SMIC (1.6%).

周三，恒生指数下跌256点，跌幅1.1%，收于23892点，在中国数据疲软的情况下，放弃了前一交易日的涨幅。6月份，中国内地消费者价格五个月来首次小幅上涨，但通缩风险依然存在。与此同时，由于需求疲软和关税相关的不确定性加剧了价格竞争，生产者价格下跌幅度为两年来最大。受科技、房地产和消费者下跌的推动，损失范围广泛。恒基兆业地产在发行港元可转换债券后暴跌8.6%。其他明显落后的公司包括新鸿基地产（-3.1%）、美团（-2.5%）和小米公司（-2.0%）。美国总统特朗普的言论限制了进一步的损失，他表示，与欧盟和中国的贸易谈判进展顺利，缓解了人们对北京将成为下一轮关税上调目标的担忧。同时，据《南华早报》报道，香港的IPO势头可能在下半年激增，今年将有100-139家新上市公司。

The Hang Seng lost 256 points or 1.1% to close at 23,892 on Wednesday, giving up gains from the prior session amid weak data from China. Consumer prices on the mainland edged up in June for the first time in five months, but deflation risks lingered. Meanwhile, producer prices fell the most in two years as muted demand and tariff-related uncertainties intensified price competition. Losses were broad-based, driven by falls tech, property, and consumers. Henderson Land plunged 8.6% after issuing a HKD-denominated convertible bond. Other notable laggards included Sun Hung Kai Properties (-3.1%), Meituan (-2.5%), and Xiaomi Corp. (-2.0%). Further losses were capped by remarks from U.S. President Trump, who said trade talks with the EU and China were progressing well, easing fears that Beijing would be targeted in the next round of tariff hikes. Meantime, IPO momentum in Hong Kong is likely to surge in H2, with 100–139 new listings for the year, according to the South China Morning Post.

周三中午左右，香港股市下跌197点，跌幅0.8%，至23953点，扭转了前一交易日的涨幅，此前美国总统特朗普威胁对铜征收50%关税，并暗示即将对半导体和制药征税，从而加剧了全球贸易战。在中国，消费者价格在经历了四个月的下降后，6月份略有上涨，表明通货紧缩压力仍然很大。与此同时，由于中国企业之间的激烈竞争、持续疲软的国内需求和日益增加的关税风险，生产者价格出现了近两年来的最大跌幅。尽管如此，对香港新公司上市将在今年下半年回升的乐观情绪限制了亏损。跌幅几乎是广泛的，主要是房地产、科技和消费行业的下跌。明显落后的包括恒基兆业地产（-8.8%）、新鸿基地产（-3.1%）、腾讯控股（-1.6%）和中芯国际（-1.5%）。

Hong Kong shares fell 197 points, or 0.8%, to 23,953 around midday Wednesday, reversing gains from the previous session amid a modest drop in U.S. futures after U.S. President Trump escalated his global trade war by threatening a 50% tariff on copper and signaling upcoming levies on semiconductors and pharmaceuticals. In China, consumer prices rose slightly in June after four months of decline, indicating that deflationary pressures remained elevated. Meanwhile, producer prices saw their steepest drop in nearly two years amid intense competition among Chinese businesses, persistently weak domestic demand, and mounting tariff risks. Still, losses were limited by optimism that new company listings in Hong Kong will pick up in the second half of the year. Losses were almost broad-based, led by declines in property, tech, and consumer sectors. Notable laggards included Henderson Land Development (-8.8%), Sun Hung Kai Properties (-3.1%), Tencent Holdings (-1.6%), and SMIC (-1.5%).