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The Hang Seng fell 152 points or 0.65% to close at 23,427 on Friday, snapping two-day gains amid broad-based losses. The index lost 1.1% for the week, marking its third straight weekly fall as investors fled riskier assets over mounting concerns that new U.S. tariffs could hurt global growth. President Trump plans to introduce a 25% tariff on auto imports and new reciprocal tariffs on key trading partners from April 2. Caution also prevailed ahead of U.S. PCE inflation data later today and China’s March PMI figures next week. However, declines were cushioned by Chinese President Xi Jinping’s fresh pledge to improve access and regain market confidence during a meeting with global business leaders in Beijing. Meantime, Trump signaled a willingness to ease tariffs on China to enable a deal for ByteDance to sell TikTok. Notable laggards included Semicon Manufacturing (-4.5%), Lenovo Group (-4.2%), and KE Hlds. (-3.0%), while auto stocks also fell, led by Nio (-7.2%) and Li Auto (-3.4%).

香港股市在周五早盘下跌76点，跌幅0.3%，至23500点，扭转了前两个交易日的涨幅，跌幅遍及所有行业。恒生指数有望连续第三周下跌，迄今为止下跌约0.8%，原因是对美国即将实施的互惠关税和汽车税的担忧，以及全球贸易争端的加剧。在下周中国官方和私人消息来源公布3月份PMI数据之前，投资者仍持谨慎态度。摩根士丹利将MSCI中国、恒生和其他中国指数的年终目标上调了8%至9%，以限制进一步下跌，理由是第四季度盈利强劲，科技/人工智能投资不断增加。与此同时，美国期货在今天晚些时候公布个人消费支出通胀数据之前小幅上涨。主要落后者包括中国人民财产保险股份有限公司（-3.3%）、联想集团（-3.2%）、半导体制造（-1.1%）和小米公司（-1.0%）。相比之下，李宁公司股价飙升4%，在提议提高股息后接近五个月高点。

Hong Kong stocks fell 76 points or 0.3% to 23,500 in early Friday trade, reversing gains from the previous two sessions as declines spread across all sectors. The Hang Seng is on track for its third consecutive weekly fall, down about 0.8% so far, amid concerns over upcoming reciprocal tariffs and auto levies from the U.S., along with a growing global trade dispute. Investors remained cautious ahead of China’s March PMI data next week from both official and private sources. Limiting further losses, Morgan Stanley raised its year-end targets for MSCI China, Hang Seng, and other Chinese indexes by 8% to 9%, citing strong Q4 earnings and rising tech/AI investment. Meanwhile, U.S. futures edged higher ahead of the PCE inflation readings later today. Among major laggards were PICC Property & Casualty (-3.3%), Lenovo Group (-3.2%), Semiconductor Manufacturing (-1.1%), and Xiaomi Corp. (-1.0%). In contrast, Li Ning Co. surged 4%, nearing a five-month high after proposing a higher dividend.

香港股市周四早盘上涨341点，涨幅1.4%，至23824点，在广泛上涨的情况下连续第二天走强。华尔街银行对中国股市转为看涨后，市场情绪增强。摩根士丹利（Morgan Stanley）今年第二次上调了2025年内地股市的年终目标，而高盛（Goldman Sachs）则预测，由于盈利上调，股市将进一步上涨。继2024年下降3.3%之后，2025年前两个月中国工业利润同比小幅下降0.3%也提供了支撑，并强化了北京刺激措施正在生效的迹象。然而，由于投资者权衡美国总统特朗普对汽车进口征收25%的关税，隔夜华尔街的微弱领先削弱了涨幅。在下周中国3月PMI数据公布之前，人们也普遍持谨慎态度。早盘上涨股包括老普Old（8.3%）、中银香港（7.0%）、半导体制造（5.0%）、中国蒙牛乳业（3.9%）和汉索制药（3.6%）。

Hong Kong equities climbed 341 points or 1.4% to 23,824 in Thursday morning trade, extending strength for a second day amid broad-based gains. Sentiment strengthened after Wall Street banks turned bullish on Chinese stocks. Morgan Stanley raised its 2025 year-end targets for mainland shares for the second time this year, while Goldman Sachs projected further upside driven by positive earnings revisions. A slight decline of 0.3% yoy in China’s industrial profits for the first two months of 2025 also provided support, following a 3.3% drop in 2024 and reinforcing signs that Beijing’s stimulus measures are taking effect. However, gains were tempered by a weak lead from Wall Street overnight, as investors weighed U.S. President Trump’s 25% tariffs on auto imports. Caution also prevailed ahead of China’s March PMI data next week. Among early gainers were Laopu Old (8.3%), BOC Hong Kong (7.0%), Semiconductor Manufacturing (5.0%), China Mengniu Dairy (3.9%), and Hansoh Pharmaceutical (3.6%).

周三，恒生指数上涨139点，涨幅0.6%，收于23483点，从前一交易日的近两周低点部分反弹。在特朗普政府暗示即将到来的美国关税可能比最初担心的更有针对性后，市场情绪有所改善。交易员们还对摩根士丹利上调2025年中国股市年终目标的消息表示欢迎，而高盛策略师预测，积极的盈利修订将进一步推动上涨。地缘政治的发展也提供了支持，美国宣布俄罗斯和乌克兰在黑海停火。然而，在本周晚些时候美国关键个人消费支出通胀数据公布前的谨慎态度下，美国期货的小幅下跌限制了涨幅。大多数行业上涨，科技、消费者和房地产领涨。WH集团因利润增长和特别股息上涨4.7%，而阿里巴巴在与宝马公司合作开发中国汽车人工智能后上涨1.4%。其他上涨股包括神州国际（12.4%）、海底捞国际（6.1%）和股份有限公司（4.0%）。

The Hang Seng climbed 139 points or 0.6% to close at 23,483 on Wednesday, partially rebounding from a near two-week low in the prior session. Sentiment improved after the Trump administration suggested that upcoming US tariffs may be more targeted than initially feared. Traders also welcomed news that Morgan Stanley raised its 2025 year-end targets for Chinese stocks, while Goldman Sachs strategists predicted further upside driven by positive earnings revisions. Geopolitical developments also provided support, with the US announcing a Russia- Ukraine ceasefire in the Black Sea. However, a slight drop in US futures limited gains amid caution ahead of key US PCE inflation data later this week. Most sectors rose, led by tech, consumers, and property. WH Group jumped 4.7% on profit growth and a special dividend, while Alibaba rose 1.4% after partnering with BMW AG on AI for cars in China. Other notable gainers included Shenzhou Intl. (12.4%), Haidilao Intl. (6.1%), and Akeso Inc. (4.0%).