香港10年期国债 (HongKong10Y) 加自选

周三中午左右，香港股市暴跌536点，跌幅2.5%，至20934点，结束了连续六个交易日的上涨势头，在恒生指数本周早些时候创下两个月新高后，投资者获利回吐。美国期货也大幅下跌，反映了华尔街隔夜的下跌，此前英伟达股价因美国政府对向中国和其他市场出口H20 AI芯片实施新限制的消息而暴跌。恒生科技指数下跌超过4%，美团领跌7.0%，而腾讯控股和阿里巴巴集团分别下跌2.4%和1.5%。消费者、金融和房地产股也下跌，尽管在北京刺激措施的支持下，第一季度GDP增长强于预期，但面对中美贸易紧张局势加剧，人们对中国增长前景的担忧日益加剧。尽管如此，乐观的3月经济活动数据帮助限制了进一步的下行。电动汽车制造商大幅下跌，小鹏汽车下跌7.4%，其次是吉利汽车（-4.9%）和李汽车（-3.9%）。

Hong Kong stocks plunged 536 points or 2.5% to 20,934 around midday Wednesday, snapping a six-session winning streak as investors took profits after the Hang Seng hit a two-month high earlier this week. U.S. futures also dropped sharply, mirroring overnight losses on Wall Street, after Nvidia shares slumped on news that the U.S. government imposed new restrictions on H20 AI chip exports to China and other markets. The Hang Seng Tech Index sank over 4%, led by a 7.0% decline in Meituan, while Tencent Holdings and Alibaba Group slipped 2.4% and 1.5%, respectively. Consumer, financial, and property shares also declined amid growing concerns about China’s growth outlook in the face of rising trade tensions with the U.S., despite stronger-than-expected Q1 GDP growth supported by Beijing’s stimulus efforts. Still, upbeat March activity data helped limit further downside. Electric vehicle makers posted sharp losses, with Xpeng down 7.4%, followed by Geely Auto (-4.9%) and Li Auto (-3.9%).

恒生指数周二上涨49点，涨幅0.23%，收于21466点，连续第六个交易日上涨，并保持在两个月高点。美国对特定电子产品的关税豁免继续支持市场情绪，这有助于缓解人们对特朗普总统对中国征收互惠关税的担忧。与此同时，美国期货在周一华尔街标准普尔500指数连续上涨后小幅上涨，注意力转向即将公布的第一季度收益结果。然而，由于投资者等待贸易发展的进一步明确，尤其是在美国加强对半导体进口的调查之后，进展受到限制。在周三公布的中国主要经济数据（包括第一季度国内生产总值、工业生产、零售额和失业率）之前，也出现了谨慎的态度。香港的金融和消费类股票小幅上涨，而房地产股则表现疲软。涨幅较大的公司包括H World Group（3.7%）、老铺Old（3.5%）、Pop-Mart International（3.1%）和Mixue Group（2.3%）。

The Hang Seng rose 49 points or 0.23% to finish at 21,466 on Tuesday, extending its winning streak to a sixth session and holding at a two-month peak. U.S. tariff exclusions on specific electronics continued to support sentiment, which helped ease concerns about President Trump’s reciprocal tariffs on China. At the same time, U.S. futures were slightly higher after back-to-back gains on Wall Street S&P 500 Monday, with attention shifting to upcoming Q1 earnings results. However, advances were capped as investors awaited more clarity on trade developments, particularly after the U.S. intensified probes into semiconductor imports. Caution also emerged ahead of key Chinese economic data due Wednesday, including Q1 GDP, industrial production, retail sales, and the jobless rate. Financial and consumer stocks in Hong Kong increased modestly, while property shares saw muted moves. Notable gainers included H World Group (3.7%), Laopu Old (3.5%), Pop Mart Intl. (3.1%), and Mixue Group (2.3%).

香港股市周二早盘几乎没有变化，徘徊在21420点附近，房地产和消费类股的涨幅被科技和金融股的下跌所抵消。交易员权衡了特朗普总统上周五宣布的美国对流行电子产品的临时关税豁免的影响，同时考虑了未来几周包括半导体在内的新征税的可能性。投资者还期待着本周晚些时候公布的中国主要经济数据，包括第一季度GDP数据、工业生产、零售额和失业率。与此同时，市场追踪了北京方面稳定内地股市的持续努力，据报道，监管机构将对冲基金和主要散户投资者的每日净销售额限制在5000万元人民币。表现最好的是康师傅（开曼群岛）Hlds。（4.0%）、Pop-Mart International（3.6%）和CK Hutchison Hlds。(3.2%). 跌幅较大的包括普拉达（-5.7%）、汉生制药（-3.3%）和李汽车（-2.8%）。

Hong Kong shares were little changed in early trade on Tuesday, hovering near 21,420, as gains in property and consumer stocks were offset by losses in tech and financials. Traders weighed the impact of a temporary U.S. tariff exemption on popular electronics, announced by President Trump last Friday, while considering the possibility of new levies, including on semiconductors, in the coming weeks. Investors also looked ahead to key Chinese economic data due later this week, including Q1 GDP figures, industrial production, retail sales, and the jobless rate. Meanwhile, markets tracked Beijing’s ongoing efforts to stabilize mainland equities, with regulators reportedly capping daily net sales by hedge funds and major retail investors at CNY 50 million. Among the top performers were Tingyi (Cayman Islands) Hlds. (4.0%), Pop Mart Intl. (3.6%), and CK Hutchison Hlds. (3.2%). Notable decliners included Prada SpA (-5.7%), Hansoh Pharmaceutical (-3.3%), and Li Auto (-2.8%).

恒生指数周一上涨503点，涨幅2.4%，收于21417点，这是连续第二个交易日上涨，也是两个月来的最高收盘点位。广泛的购买提振了市场情绪，在特朗普政府对科技产品给予关税豁免后，科技行业上涨了2.3%，其中大部分是从中国进口的。交易员在很大程度上忽视了美国可能在未来几周或几个月内征收包括芯片在内的新关税的可能性。北京方面持续努力稳定国内市场，包括将个人对冲基金和主要散户投资者的每日净销售额限制在5000万元人民币，也支持了乐观情绪。在经济方面，由于出口大幅增长，进口在预期的关税上调之前继续下降，中国3月份的贸易顺差激增。中国人民财产保险股份有限公司因盈利预期乐观而上涨2.7%。主要上涨股包括香港交易所和结算所（6.9%）、Pop-Mart国际（5.6%）、友邦保险集团（4.2%）和吉利汽车（3.9%）。

The Hang Seng jumped 503 points or 2.4% to end at 21,417 on Monday, marking its second straight session of gains and the highest close in two months. Broad-based buying boosted sentiment, with the tech sector up 2.3%, after the Trump administration granted tariff exclusions on tech goods —most of which are imported from China. Traders largely ignored the possibility that new US tariffs, including on chips, may be imposed in the coming weeks or months. Optimism was also supported by Beijing's ongoing efforts to calm its domestic markets, including a cap on daily net sales by individual hedge funds and major retail investors at CNY 50 million. On the economic front, China’s trade surplus surged in March as exports rose sharply and imports continued to decline ahead of expected tariff hikes. PICC Property and Casualty climbed 2.7% on upbeat earnings estimates. Notable gainers included Hong Kong Exchanges & Clearing (6.9%), Pop Mart Intl. (5.6%), AIA Group (4.2%), and Geely Auto (3.9%).