恒生指数周五下跌154点，跌幅0.6%，收于23916点，标志着在广泛的行业下跌中连续第二个交易日下跌。该基准指数本周下跌1.5%，扭转了前一时期的涨幅，因为投资者在美国总统特朗普7月9日的关税最后期限之前变得谨慎。更大的压力是，中国商务部完成了对欧盟白兰地的调查，从7月5日开始，在五年内征收高达34.9%的关税。在通缩风险挥之不去的情况下，市场参与者还关注了下周公布的中国关键数据，包括6月份的CPI和PPI。周四，标准普尔500指数和纳斯达克指数创下历史新高，受强劲的就业数据提振，美国股市在独立日休市。香港股市下跌，因对中国即将举行的政治局会议可能出台刺激措施的乐观情绪以及美国将放宽对中国芯片设计软件出口限制的消息抵消。主要下跌股包括友邦保险集团（-4.6%）、泰克工业（-2.9%）和中国海外发展（-2.3%）。

The Hang Seng lost 154 points or 0.6% to close at 23,916 on Friday, marking the second straight session of losses amid broad-based sector declines. The benchmark dropped 1.5% for the week, reversing gains from the prior period as investors grew cautious ahead of U.S. President Trump’s July 9 tariff deadline. Adding pressure, China’s commerce ministry finalized its EU brandy investigation, imposing tariffs of up to 34.9% for five years starting July 5. Market participants also eyed key Chinese data due next week—including June CPI and PPI—amid lingering deflation risks. U.S. markets were closed for Independence Day after record highs in the S&P 500 and Nasdaq Thursday, buoyed by strong jobs data. Losses in Hong Kong were offset by optimism over possible stimulus at China’s upcoming Politburo meeting and news that the U.S. would ease export curbs on chip design software to China. Major decliners included AIA Group (-4.6%), Techtronic Industries (-2.9%), and China Overseas Land (-2.3%).

香港股市在周五早盘下跌229点，跌幅近1%，至23840点，延续了前一交易日的跌幅，跌幅波及所有板块。在7月9日90天贸易休战到期之前，投资者情绪仍然脆弱，而在下周中国关键经济数据（包括6月CPI、PPI）公布之前，由于通货紧缩风险持续存在，投资者也变得谨慎。在本地，香港私营部门的活动以三年多来最快的速度收缩，产量、新订单和海外销售（包括对内地的销售）都在下降。损失受到部分限制，因为人们越来越希望即将召开的中国政治局会议能够推出新的支持措施，以抵消美国高额关税带来的日益增长的压力。跌幅最大的包括友邦保险集团（-4.0%）、阳光光学科技（-3.5%）、泰克电子工业（-2.4%）和中国飞鹤（-2.4%。本周，市场在经历了前一时期的强劲上涨后，将出现每周大幅下跌，迄今为止下跌近2%。

Hong Kong stocks fell 229 points or nearly 1% to 23,840 in Friday morning trade, extending losses from the previous session as declines swept across all sectors. Investor sentiment remained fragile ahead of the July 9 expiration of the 90-day trade truce, while caution also built ahead of key Chinese economic data next week, including June CPI, PPI, as deflation risks persist. Locally, private sector activity in Hong Kong contracted at the sharpest pace in over three years, with output, new orders, and overseas sales—including to the mainland —all falling. Losses were partially limited by growing hopes that the upcoming China's Politburo meeting could launch fresh support measures to offset mounting pressure from hefty U.S. tariffs. Among the top decliners were AIA Group (-4.0%), Sunny Optical Tech. (-3.5%), Techtronic Industries (-2.4%), and China Feihe (-2.4%). For the week, markets are heading for a deep weekly fall, down almost 2% so far, after a robust gain in the prior period.

标普全球香港特别行政区PMI从5月的49.0降至2025年6月的47.8，这是自2022年3月以来的最低值，也是私营部门活动连续第五个月收缩。产量以一年来最快的速度下降，而新订单以三年多来最快的速率萎缩。中国大陆和海外的销售额也下降得更快。在生产需求减弱的情况下，公司减少了采购活动，并连续第六个月处理了积压的工作，尽管人员配置水平保持不变。供应商交货时间略有延长，结束了连续三个月的业绩改善。投入成本通胀降至2021年1月以来的最低水平，主要是由于工资压力降温。然而，为了支持需求，售价在四个月内第三次下调。受国内需求疲软、全球前景低迷和美国贸易政策不确定性的影响，商业情绪降至近五年来的最低水平。

The S&P Global Hong Kong SAR PMI dropped to 47.8 in June 2025 from 49.0 in May, marking the lowest reading since March 2022 and the fifth consecutive month of contraction in private sector activity. Output fell at the sharpest pace in a year, while new orders shrank at the fastest rate in over three years. Sales to both mainland China and overseas also declined more rapidly. Firms reduced purchasing activity amid weaker production needs and worked through backlogs for a sixth straight month, even as staffing levels remained unchanged. Supplier delivery times lengthened slightly, ending a three-month run of improved performance. Input cost inflation eased to its slowest pace since January 2021, largely due to cooling wage pressures. However, selling prices were cut for the third time in four months to support demand. Business sentiment fell to its weakest level in nearly five years, weighed down by soft domestic demand, a subdued global outlook, and uncertainty around U.S. trade policy.

周四，恒生指数下跌151点，收于24070点，跌幅0.6%，扭转了之前的涨势，因为下跌打击了大多数行业，特别是消费、金融和科技行业。在私营部门就业岗位两年多来首次下降后，在美国关键工资数据公布之前，人们普遍持谨慎态度。在中国，一项私人调查显示，6月份服务业活动降至9个月低点，受贸易逆风加剧导致的海外销售额两年多来最大跌幅的影响。大陆电子商务巨头之间的激烈竞争也引发了人们对利润率的担忧。该指数在特朗普与越南达成贸易协议后，因美国期货上涨而减少了早盘跌幅。与此同时，美国芯片设计公司报告称放宽了对中国的出口限制，美国众议院以微弱优势通过了特朗普的税收和支出法案。阿里巴巴在推出500亿元人民币的补贴计划后下跌了近3%，而美团和京东分别下跌了2.4%和2.3%。制药股因创新药物的新政策支持而上涨。

The Hang Seng dipped 151 points or 0.6% to finish at 24,070 on Thursday, reversing previous strength as falls hit most sectors, particularly consumer, financial, and tech. Caution prevailed ahead of key U.S. payroll data after the first drop in private sector jobs in over two years. In China, a private survey showed services activity fell to a nine-month low in June, weighed by the steepest decline in foreign sales in over two years amid mounting trade headwinds. Fierce competition among mainland e-commerce giants also raised concerns over profit margins. The index trimmed early losses on an uptick in U.S. futures after Trump’s trade deal with Vietnam. Meantime, U.S. chip design firms reported easing export curbs to China, and the U.S. House narrowly passed Trump’s tax and spending bill. Alibaba slid near 3% after launching a CNY 50 billion subsidy plan, while Meituan and JD.com lost 2.4% and 2.3%, respectively. Pharma stocks advanced on fresh policy support for innovative drugs.