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.

香港股市周四早盘下跌222点，跌幅0.9%，至24955点，在中国7月PMI数据疲软后连续第三个交易日下跌。服务业活动增速为八个月来最低，而随着增长势头减弱，制造业连续第四个月萎缩。这些数据还突显出，在美国关税飙升和极端天气中断的情况下，贸易风险不断上升。与此同时，在美联储连续第五次举行利率会议后，美联储主席鲍威尔推迟了9月份降息的预期。跌幅广泛，房地产、消费者和金融股领跌。主要落后者包括中国海外发展（-4.7%）、美团（-4.4%）和KE控股（-3.9%）。尽管如此，恒生指数仍有望连续第三个月上涨，迄今为止上涨约3.3%，这得益于对美中90天关税休战可能延长的乐观情绪，尽管最近在斯德哥尔摩举行的会谈没有取得具体进展，特朗普总统尚未做出决定。

Shares in Hong Kong fell 222 points or 0.9% to 24,955 in early trade on Thursday, slipping for the third session following China’s weak PMI figures in July. Services activity grew the least in eight months, while manufacturing shrank for the fourth month, as growth momentum weakened. The data also highlighted rising trade risks amid steep U.S. tariffs and disruptions from extreme weather. Meanwhile, Fed Chair Powell pushed back on expectations for a September rate cut, after the central bank held rates for the fifth consecutive meeting. Losses were broad-based, led by property, consumers, and financials. Major laggards included China Overseas Land (-4.7%), Meituan (-4.4%), and KE Holdings (-3.9%). Still, the Hang Seng is on track for its third straight monthly gain, up around 3.3% so far, boosted by optimism over a possible extension of the 90-day U.S.-China tariff truce, though no concrete progress emerged from the recent talks in Stockholm, and President Trump has yet to decide.