香港股市在8月的第一个交易日小幅下跌30点，跌幅0.1%，至24748点，连续第四个交易日下跌，同时徘徊在两周低点。美国总统特朗普对来自没有贸易协议的国家的进口商品征收10%至41%的新互惠关税，该关税于今天生效，影响了市场情绪。与此同时，一项私人调查显示，7月份中国制造业意外下降，在持续的贸易壁垒和恶劣天气干扰下，官方数据标志着第四个月的下降。本周，恒生指数有望出现四周来的首次周跌幅，下跌约2.7%，此前美中贸易谈判本周早些时候结束，没有取得实质性进展，关税决定权掌握在特朗普手中。值得注意的下跌股包括Smoore Hlds。普拉达（-4.8%）、老蒲（-2.8%）和李汽车（-2.5%）。对中国即将召开的政治局会议的乐观情绪限制了损失，预计该会议将推出进一步的刺激措施。

Hong Kong stocks edged down 30 points or 0.1% to 24,748 on the first trading day of August, falling for the fourth session while lingering at a two-week low. Sentiment was weighed by U.S. President Trump's new reciprocal tariffs ranging from 10% to 41% on imports from countries without trade deals, effective today. Meanwhile, a private survey showed an unexpected drop in China’s manufacturing sector in July, reinforcing official data that marked a fourth monthly fall, amid ongoing trade barriers and severe weather disruptions. For the week, the Hang Seng is on track for its first weekly decline in four, down about 2.7%, after U.S.-China trade talks ended earlier in the week without meaningful progress, leaving tariff decisions in Trump's hands. Notable decliners included Smoore Hlds. (-7.8%), Prada (-4.8%), Laopu Old (-2.8%), and Li Auto (-2.5%). Losses were limited by optimism surrounding China's upcoming Politburo meeting, which is expected to introduce further stimulus measures.

根据初步估计，香港经济在2025年第二季度同比增长3.1%，高于第一季度下调后的3.0%，超过市场预期的2.8%。这标志着自2023年第四季度以来最强劲的增长，主要得益于强劲的出口和国内需求的改善。家庭消费反弹1.9%（2025年第一季度为-1.2%），政府支出增长2.5%（0.9%），固定资本形成总额进一步增长2.9%（1.1%）。在外部方面，商品出口激增11.5%（对8.4%），这得益于外部需求的弹性和美国关税的暂时放松，这促使了一些“紧急发货”。服务出口增长了7.5%（对6.3%），得益于强劲的入境旅游业和跨境交通的进一步增长。与此同时，商品进口增长12.7%（比7.2%），服务进口增长7.0%（比4.7%）。经季节性调整的季度数据显示，经济增长0.4%，较第一季度修正后的1.8%有所放缓。

Hong Kong’s economy expanded 3.1% year-on-year in Q2 2025, rising from a downwardly revised 3.0% in Q1 and surpassing market expectations of 2.8%, according to preliminary estimates. This marked the strongest growth since Q4 2023, mainly supported by robust exports and improved domestic demand. Household consumption rebounded 1.9% (vs. -1.2% in Q1 2025), government spending rose 2.5% (vs. 0.9%), while gross fixed capital formation grew further by 2.9% (vs. 1.1%). On the external front, exports of goods surged 11.5% (vs. 8.4%), driven by resilient external demand and temporary easing of US tariffs that prompted some “rush shipments.” Exports of services expanded 7.5% (vs. 6.3%), supported by strong inbound tourism and further growth in cross-boundary traffic. Meanwhile, imports of goods increased 12.7% (vs. 7.2%), and imports of services rose 7.0% (vs. 4.7%). On a seasonally adjusted quarterly basis, the economy advanced 0.4%, easing from a revised 1.8% gain in Q1.

2025年6月，香港零售额同比下降0.3%，扭转了上月1.9%的增长势头。食品、酒精饮料和烟草（5月份为-3.0%对1.9%）、超市（-2.2%对0%）以及服装、鞋类和相关产品（-1.4%对4.8%）的销售额下降。此外，燃料（-6.3%对-3.0%）和耐用消费品（-9.4%对-0.6%）的销售额继续下降，百货商店（6.9%对7.1%）和其他消费品（3.1%对5.7%）的增长放缓。与此同时，珠宝、手表、钟表和贵重礼品的销售额反弹（3.8%对-7.3%）。按月计算，零售贸易下降4.5%，扭转了2025年5月9.2%的增长。

Retail sales in Hong Kong fell by 0.3% year-on-year in June 2025, reversing a 1.9% gain in the previous month. Sales declined for food, alcoholic drinks, and tobacco (-3.0% vs 1.9% in May), supermarkets (-2.2% vs 0%), and clothing, footwear and allied products (-1.4% vs 4.8%). Additionally, sales continued to fall for fuels (-6.3% vs -3.0%) and consumer durable goods (-9.4% vs -0.6%), and the growth slowed for department stores (6.9% vs 7.1%) and other consumer goods (3.1% vs 5.7%). Meanwhile, sales rebounded for jewelry, watches, clocks, and valuable gifts (3.8% vs -7.3%). On a monthly basis, retail trade fell 4.5%, reversing a 9.2% advance in May 2025.

周四，恒生指数暴跌404点，跌幅1.6%，收于24773点，这是连续第三次下跌，也是两周来的最低收盘点位。在贸易壁垒和极端天气加剧的情况下，中国官方采购经理人指数显示服务业活动增长为八个月来最低，工厂产出下降为六个月来最大，市场情绪恶化。与此同时，美国总统特朗普暂停的“互惠”关税将于周五到期，在过去120天内仅达成了8项贸易协议。在货币方面，美联储主席鲍威尔推翻了9月降息的预期，同时连续第五次保持利率稳定。跌幅广泛，房地产、消费和金融股领跌。跌幅较大的包括老铺金（-9.2%）、美团（-4.7%）、波普国际（-4.5%）和中国海外发展（-4.2%）。尽管如此，该指数在7月份飙升2.9%，这是第三个月的上涨，这得益于延长美中关税休战和北京促增长措施的希望。

The Hang Seng plunged 404 points or 1.6% to end at 24,773 on Thursday, marking its third straight loss and the lowest close in two weeks. Sentiment deteriorated after China’s official PMI showed services activity growing the least in eight months and factory output falling the most in six, amid mounting trade barriers and extreme weather. Meanwhile, U.S. President Trump’s suspension of “reciprocal” tariffs is set to expire Friday, with only eight trade deals secured in the past 120 days. On the monetary front, Fed Chair Powell pushed back against expectations for a September rate cut while holding rates steady for the fifth successive meeting. Losses were broad-based, led by property, consumer, and financial stocks. Notable decliners included Laopu Gold (-9.2%), Meituan (-4.7%), Pop Mart Intl. (-4.5%), and China Overseas Land (-4.2%). Still, the index surged 2.9% in July, its third monthly rise, buoyed by hopes of extending the U.S.-China tariff truce and Beijing’s pro-growth measures.