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.

香港股市周四上午下跌257点，跌幅1.1%，至23963点，在大陆数据疲软的情况下，较前一交易日的涨幅有所波动。一项私人调查显示，6月份中国服务业活动增速为9个月来最低。在美国关键的就业报告发布之前，人们也普遍持谨慎态度，同时美国减税和支出法案的通过也存在不确定性，在特朗普总统排除延长暂停期后，7月9日的关税最后期限即将到来。特朗普与越南达成贸易协议后，标准普尔500指数和纳斯达克指数一夜之间创下历史新高，缓和了跌幅。当地数据也提供了一些支持，香港5月零售额同比增长1.9%，结束了连续14个月的下降。与此同时，有报道称，华盛顿已经取消了美国芯片设计软件对中国的出口许可证要求，这表明双边贸易紧张局势有所缓和。排名靠后的包括徽商银行（-8.6%）、金山软件（-5.7%）、小米（-3.0%）和阿里巴巴健康（-2.4%）。

Hong Kong shares dropped 257 points, or 1.1%, to 23,963 on Thursday morning, swinging from the prior session’s gains amid weak data from the mainland. A private survey showed China’s services activity expanded at the slowest pace in nine months in June. Caution also prevailed ahead of a key U.S. jobs report, along with uncertainty over the passage of a U.S. tax cut and spending bill, and a looming July 9 tariff deadline after President Trump ruled out extending the pause. Losses were tempered by record highs on the S&P 500 and Nasdaq overnight following Trump's trade deal with Vietnam. Local data also offered some support, with Hong Kong’s retail sales rising 1.9% yoy in May, ending 14 straight months of decline. Meanwhile, reports said Washington has removed export license requirements for U.S. chip design software to China, signaling a thaw in bilateral trade tensions. Top laggards included Huishang Bank (-8.6%), Kingsoft (-5.7%), Xiaomi (-3.0%), and Alibaba Health (-2.4%).

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The Hang Seng dropped 212 points or 0.9% to close at 24,072 on Monday, declining for the third session as all sectors pulled back. Sentiment was pressured by the third straight monthly fall in China’s manufacturing sector in June, ahead of a similar print from a private survey due Tuesday. Financials led the decline, followed by property, tech, and consumers. Notable losses included Bank of China Hong Kong (-5.5%), Li Auto (-3.3%), Meituan (-2.9%), and Tencent Hlds. (-1.5%). On the upside, Laopu Gold surged to a record high, buoyed by high gold prices, even as its IPO lockup period expired. Still, the Hang Seng surged 3.4% in June, its second consecutive monthly gain, supported by strong IPO activity in the city and easing concerns over U.S. tariffs, as most of the Trump administration’s harshest threats have not materialized. Meanwhile, Chinese Premier Li Qiang reaffirmed Beijing’s commitment to boosting consumption and addressing deflation pressures through forceful policy action.