香港10年期国债 (HongKong10Y) 加自选

恒生指数周二下跌87点，跌幅0.3%，收于26346点，扭转了连续三个交易日的涨势，因为美国期货在周一反弹后指向华尔街开盘走低。大陆股市在连续六个交易日走强后也有所回落，从10月官方采购经理人指数公布前的十年高点回落，同时人们对最近美中贸易紧张局势缓解的持久性越来越怀疑。香港消费和科技板块拖累该指数，紫金黄金国际（-4.5%）、安踏体育（-4.2%）、中国宏桥集团（-3.7%）和小米公司（-2.3%）大幅下跌。中国人民银行行长潘功胜的讲话缓和了跌势，他表示，政策制定者将保持支持性的货币政策立场，并实施适度宽松的措施。另外，北京计划放宽投资者规则以吸引长期资本，中国证监会强调稳定和多元化是关键优先事项。

The Hang Seng fell 87 points, or 0.3%, to finish at 26,346 on Tuesday, reversing three consecutive sessions of gains as U.S. futures pointed to a lower open on Wall Street following Monday’s rally. Mainland stocks also eased after six straight sessions of strength, retreating from a decade high ahead of official October PMI data and amid growing doubts over the durability of the recent easing in U.S.-China trade tensions. Hong Kong's consumer and tech sectors weighed on the index, with steep losses from Zijin Gold Intl. (-4.5%), Anta Sports (-4.2%), China Hongqiao Group (-3.7%), and Xiaomi Corp. (-2.3%). Losses were tempered by remarks from People’s Bank of China Governor Pan Gongsheng, who said policymakers will maintain a supportive monetary policy stance and implement moderately loose measures. Separately, Beijing plans to ease investor rules to attract long-term capital, with the China Securities Regulatory Commission highlighting stability and diversification as key priorities.

香港股市周二早盘下跌52点，跌幅0.2%，至26386点，结束了连续三天的上涨势头，主要是消费类股出现回调。在本周晚些时候公布的10月官方采购经理人指数数据公布之前，随着内地股市从十年高点回落，投资者情绪有所软化。最近美中贸易紧张局势解冻的持久性也出现了问题。有报道称，中国计划通过放宽准入要求、提高效率和扩大投资选择来简化其合格外国投资者制度，以吸引长期外国资本，从而缓解了损失。在贸易方面，香港9月份出口同比增长16.1%，为3月份以来的最快速度，进口增长13.6%，均达到近四年来的最高水平。早盘下跌的包括黄金矿商招金矿业（-3.1%）、紫金黄金国际（-2.5%）、老蒲黄金（-0.7%），以及安踏体育（-2.7%）、小米公司（-1.5%）和中国联通（-1.2%）。

Shares in Hong Kong slipped 52 points, or 0.2%, to 26,386 in early trading on Tuesday, ending a three-day winning streak amid a pullback mainly in consumer stocks. Investor sentiment softened as mainland stocks pulled back from decade highs, ahead of official October PMI data due later this week. Questions also emerged over the durability of the recent thaw in U.S.-China trade tensions. Losses were cushioned by reports that China plans to streamline its qualified foreign investor regime by easing access requirements, improving efficiency, and expanding investment options to attract long-term foreign capital. On the trade front, Hong Kong’s exports jumped 16.1% yoy in September, the fastest pace since March, while imports rose 13.6%, both reaching their highest levels in nearly four years. Early decliners included gold miners Zhaojin Mining Industry (-3.1%), Zijin Gold Intl. (-2.5%), Laopu Gold (-0.7%), alongside Anta Sports (-2.7%), Xiaomi Corp. (-1.5%), and China Unicom (-1.2%).

2025年9月，对香港的进口同比增长13.6%，达到近四年来的最高点5125亿美元，高于8月11.5%的增长速度。来自英国（+70.3%）、越南（+68.7%）、新加坡（+33.2%）、中国大陆（+19.4%）和日本（+12.9%）的采购量显著增加，而来自台湾的进口量下降（-19%）。按产品类别划分，杂项制成品（8月份为33.6%对6.7%）、专业、科学和控制仪器和设备（27%对4.1%）、电动机械、仪器和电器及其电气部件（20.3%对15.2%）以及摄影仪器、设备和用品、光学产品、钟表（25.6%对10.5%）的入境发货量加快。相比之下，非金属矿产制造业（21.2%对26.3%）、发电机械设备（24%对37.9%）以及电信和录音及音响设备（18.6%对32.4%）的增长放缓。

Imports to Hong Kong rose 13.6% year-on-year to a nearly four-year high of $512.5 billion in September 2025, accelerating from an 11.5% gain in August. Purchases increased notably from the United Kingdom (+70.3%), Vietnam (+68.7%), Singapore (+33.2%), Mainland China (+19.4%), and Japan (+12.9%), while imports from Taiwan declined (-19%). By product category, inbound shipments accelerated for miscellaneous manufactured articles (33.6% vs 6.7% in August), professional, scientific and controlling instruments and apparatus (27% vs 4.1%), electrical machinery, apparatus and appliances, and electrical parts thereof (20.3% vs 15.2%), and photographic apparatus, equipment and supplies, optical goods, watches and clocks (25.6% vs 10.5%). In contrast, growth slowed for non-metallic mineral manufactures (21.2% vs 26.3%), power generating machinery and equipment (24% vs 37.9%), and telecommunications and sound recording and reproducing apparatus and equipment (18.6% vs 32.4%).

2025年9月，香港出口同比增长16.1%，达到近四年来的最高点4622亿美元，高于上月14.5%的增长速度。最新数据标志着自3月以来最强劲的年度增长，这得益于专业、科学和控制仪器和设备（30.0%对8月的15.7%）、发电机械和设备（48.7%对15.8%）以及电机、仪器和电器及其电气部件（22.8%对15.7%）的出货量大幅增长。与此同时，有色金属出口增长显著放缓（75.4%对176.4%），而非金属矿物制品的出货量下降（-9%对19.1%）。在目的地中，出口增长最多的是越南（50.9%）、印度（19.5%）和中国大陆（16.7%）。相比之下，台湾（-19%）和韩国（-14.3%）的货运量是本月唯一的下降记录。

Exports from Hong Kong grew by 16.1% year-on-year to a nearly four-year high of $462.2 billion in September 2025, accelerating from a 14.5% gain in the previous month. The latest figure marked the strongest annual growth since March, driven by a sharp increase in shipments of professional, scientific, and controlling instruments and apparatus (30.0% vs 15.7% in August), power-generating machinery and equipment (48.7% vs 15.8%), and electrical machinery, apparatus and appliances, and electrical parts thereof (22.8% vs 15.7%). Meanwhile, growth in exports of non-ferrous metals moderated significantly (75.4% vs 176.4%), while shipments of non-metallic mineral manufactures declined (-9% vs 19.1%). Among destinations, exports expanded the most to Vietnam (50.9%), India (19.5%), and Mainland China (16.7%). In contrast, shipments to Taiwan (-19%) and Korea (-14.3%) were the only declines recorded during the month.