香港股市在前一天收盘小幅下跌后，周四早盘交易几乎没有变化。恒生指数在震荡的交易日中徘徊在24516点左右，房地产和金融股小幅上涨，被科技股和消费者股的疲软表现所抵消。与此同时，美国期货在华尔街隔夜上涨后大幅下跌，尽管唐纳德·特朗普总统保证他没有罢免美联储主席鲍威尔的计划，但市场情绪发生了变化。

The Hong Kong stock market was little changed on Thursday morning deals, after closing slightly lower the day before. The Hang Seng hovered around 24,516 in a choppy session, with modest gains in property and financial stocks offset by subdued performance in tech and consumers. Meanwhile, U.S. futures fell notably after overnight Wall Street gains, as sentiment shifted despite President Donald Trump's assurance that he has no plans to remove Fed Chair Powell.

周三，恒生指数下跌72点，跌幅0.3%，收于24518点，从盘中早些时候的四个月高点回落，交易员获利回吐。最终的下跌结束了四天的连胜，6月通胀数据公布后，美国期货价格下跌，这表明关税可能推高了价格，抑制了美联储降息的希望，从而打压了市场情绪。与此同时，特朗普总统表示，他可能会在7月底前对药品征收关税，随后可能会对半导体征税。他表示，这些有针对性的进口税可能会与定于8月1日实施的更广泛的“互惠”关税同时生效。荷兰科技巨头ASML警告称，尽管超过了2025年第二季度的收益和收入预期，但2026年的增长将持平，这增加了压力。明显落后的包括波玛特国际（-4.3%）、浙江利浦汽车科技（-3.0%）、KE控股（-2.7%）和中国龙源动力（-2.5%）。

The Hang Seng fell 72 points or 0.3% to close at 24,518 on Wednesday, pulling back from a four-month high hit earlier in the session as traders booked profits. The eventual decline snapped a four-day winning streak, with sentiment weighed down by a drop in U.S. futures following June inflation data, which indicated that tariffs may be pushing prices higher and dampening hopes for Fed rate cuts. Meanwhile, President Trump said he may impose tariffs on pharmaceuticals by the end of July, with levies on semiconductors likely to follow soon after. He suggested these targeted import taxes could take effect alongside broader “reciprocal” tariffs scheduled for implementation on August 1. Adding to the pressure, Dutch tech giant ASML warned of flat growth in 2026, despite beating earnings and revenue estimates for Q2 2025. Notable laggards included Pop Mart International (-4.3%), Zhejiang Leapmotor Tech (-3.0%), KE Holdings (-2.7%), and China Longyuan Power (-2.5%).

香港股市周三上午上涨174点，涨幅0.7%，至24760点，延续了第五个交易日的涨幅，创下四个月来的最高水平。尽管美国加征关税，但中国经济似乎具有弹性，市场情绪依然乐观。官方数据显示，2025年第二季度，该国国内生产总值同比增长5.2%，略高于5.1%的预测，尽管这是三个季度以来最慢的增速。与此同时，分析人士指出，英伟达恢复向中国销售H20人工智能芯片可能预示着在8月最后期限之前与美国进行贸易谈判的积极基调。大多数行业上涨，科技股、消费股和金融股领涨，交易员对6月份核心通胀低于预期后美国期货小幅下跌不以为然。围绕即将召开的7月政治局会议，乐观情绪也在增长，希望它可能会提供新的措施来维持2025年下半年的增长。早期上涨股包括安踏体育（4.5%）、阿克苏（3.8%）、Trip.com（3.7%）、快手科技（3.0%）和美团（2.2%）。

Hong Kong shares climbed 174 points or 0.7% to 24,760 on Wednesday morning, extending gains for the fifth session and notching their highest level in four months. Sentiment remained upbeat as China’s economy appeared resilient despite U.S. tariffs. Official data showed the country's GDP grew 5.2% yoy in Q2 2025, slightly above a 5.1% forecast, though it was the slowest pace in three quarters. Meanwhile, analysts noted that Nvidia’s resumption of H20 AI chip sales to China could signal a positive tone for trade talks with the U.S. ahead of the August deadline. Most sectors rose, led by tech, consumer, and financial stocks, as traders shrugged off a modest dip in U.S. futures after a softer-than-expected core inflation print for June. Optimism also grew around the upcoming July Politburo meeting, with hopes it may deliver fresh measures to sustain growth in H2 of 2025. Early gainers included Anta Sports (4.5%), Akeso (3.8%), Trip.com (3.7%), Kuaishou Tech. (3.0%), and Meituan (2.2%).

恒生指数周二上涨387点，收于24590点，涨幅1.6%，连续第四个交易日上涨，达到近四个月来的最高水平。由于科技股和消费类股的强劲表现，该指数从早盘的下跌中反弹，所有板块均上涨。受快手科技（3.8%）、美团（3.5%）和腾讯Hlds上涨的推动，科技指数飙升2.8%。（2.3%），英伟达表示希望很快恢复向中国销售H20通用芯片。消费者、房地产和金融类股也上涨，因对美国关税对中国经济影响的担忧有所缓解。官方数据显示，中国第二季度国内生产总值同比增长5.2%，略高于5.1%的预测，尽管这是三个季度以来最慢的增速。人们也越来越希望即将召开的7月政治局会议能够为维持经济增长带来新的政策支持。其他显著上涨的股票包括中生制药（4.8%）、中国铁塔股份有限公司（3.9%）和Techtronic Industries（3.7%）。

The Hang Seng jumped 387 points or 1.6% to close at 24,590 on Tuesday, rising for the fourth session and reaching its highest level in near four months. The index rebounded from early losses as all sectors advanced, led by a strong performance in tech and consumer stocks. The tech index surged 2.8%, buoyed by gains in Kuaishou Tech. (3.8%), Meituan (3.5%), and Tencent Hlds. (2.3%) as Nvidia expressed hopes to soon resume sales of its H20 general-purpose chips to China. Consumer, property, and financial stocks also rose, as concerns eased over the impact of U.S. tariffs on China’s economy. Official data showed China’s GDP grew 5.2% yoy in Q2, slightly above forecasts of 5.1%, though marking the slowest pace in three quarters. Hopes also grew that the upcoming July Politburo meeting could bring fresh policy support to sustain growth. Other notable gainers included Sino Biopharmaceutical (4.8%), China Tower Corp. (3.9%), and Techtronic Industries (3.7%).