香港10年期国债 (HongKong10Y) 加自选

周五，恒生指数下跌146点，跌幅0.5%，收于27141点，在经历了三个交易日的上涨后，从四年高点回落，因为交易员在自5月以来连续五个月上涨后获利回吐。市场情绪也受到美国政府关门的不安情绪的打击，美国政府关门已经停止了许多官方活动，包括原定于今天发布的就业报告，市场准备关闭至下周。由于内地市场一直关闭到10月8日，交易也受到抑制。跌幅广泛，科技股权重最大，其中快手科技（-3.8%）、Trip.com（-2.0%）和阳光光学（-0.8%）领跌。尽管如此，受近期华尔街创纪录高点和本月晚些时候全会前中国股市看涨势头的推动，该市股市本周上涨3.9%。与此同时，美国财政部长贝森特预计，即将举行的美中贸易谈判将取得“相当大的突破”，10月底可能在韩国举行特朗普-Xi会议。

The Hang Seng slipped 146 points, or 0.5%, to close at 27,141 on Friday, pulling back from a four-year high after three sessions of gains, as traders took profits following five straight monthly rises since May. Sentiment was also hit by jitters over the U.S. government shutdown, which has halted many official activities, including the jobs report originally due today, with markets bracing for closures lasting into next week. Trading was also subdued as mainland markets remained shut until Oct. 8. Losses were broad-based, with tech stocks weighing most, led by Kuaishou Tech. (-3.8%), Trip.com (-2.0%), and Sunny Optical (-0.8%). Still, markets in the city jumped 3.9% for the week, buoyed by recent Wall Street’s record highs and bullish momentum in Chinese stocks ahead of a plenum later this month. Meanwhile, U.S. Treasury Secretary Bessent expects a “pretty big breakthrough” at the upcoming U.S.-China trade talks, with a potential Trump-Xi meeting in South Korea at the end of October.

香港股市周五上午下跌223点，跌幅0.8%，至27067点，结束了连续三个交易日的上涨势头，并从四年高点回落。获利回吐拖累所有行业，而在周四美国政府停摆的第二天，谨慎情绪有所上升。市场预计关闭至少会持续到下周，这可能会推迟月度就业报告等关键经济数据。与此同时，大陆股市仍因黄金周休市。主要下跌股包括电动汽车股XPeng（-4.4%）、李汽车（-3.7%）和吉利汽车（-1.7%），以及快手科技（-4.1%）、混合动力集团（-3.0%）和招金矿业（-2.1%）。尽管周五有所下跌，但市场将出现强劲的周涨幅，迄今为止上涨约3.7%，这得益于最近华尔街创纪录的高点、对美联储进一步降息的希望以及中国央行承诺协调财政政策以促进中国经济增长。在数据方面，8月份香港零售额同比增长3.2%，为2023年12月以来的最强劲增长。

Hong Kong stocks fell 223 points, or 0.8%, to 27,067 on Friday morning, ending a three-session winning streak and retreating from a four-year high. Profit-taking weighed on all sectors, while caution grew amid a second day of the U.S. government shutdown Thursday. Markets expect the closure to last at least until next week, potentially delaying key economic data such as the monthly jobs report. Meanwhile, mainland markets remained closed for Golden Week. Major decliners included EV stocks XPeng (-4.4%), Li Auto (-3.7%), and Geely Auto (-1.7%), alongside Kuaishou Tech (-4.1%), Mixue Group (-3.0%), and Zhaojin Mining Industry (-2.1%). Despite Friday’s drop, markets are set for a robust weekly gain, up about 3.7% so far, lifted by recent Wall Street record highs, hopes for further Fed rate cuts, and the PBoC’s pledge to coordinate fiscal policy to boost China's economic growth. On the data front, Hong Kong retail sales rose 3.2% yoy in August, the strongest pace since December 2023.

2025年8月，香港零售额同比增长3.2%，为2023年12月以来的最快速度，高于7月下调0.9%的涨幅。这一增长主要是由于服装、鞋类和相关产品（7月份为4.9%对2.3%）、珠宝、手表、钟表和贵重礼品（14.1%对7.0%）以及其他消费品（7.9%对6.3%）的销售强劲，同时耐用消费品的跌幅较小（-2.4%对-9.5%）。然而，燃料（-11.6%对-8.9%）、食品、酒精饮料和烟草（-5.1%对-4.3%）的销售额继续萎缩。按月计算，8月份零售贸易增长2.3%，从2025年7月的1.0%下降中反弹。

Retail sales in Hong Kong rose by 3.2% year-on-year in August 2025, the fastest pace since December 2023, accelerating from a downwardly revised 0.9% gain in July. The increase was mainly driven by stronger sales for clothing, footwear and allied products (4.9% vs 2.3% in July), jewellery, watches, clocks and valuable gifts (14.1% vs 7.0%), and other consumer goods (7.9% vs 6.3%), along with a smaller decline for consumer durable goods (-2.4% vs -9.5%). However, sales of fuels (-11.6% vs -8.9%), and food, alcoholic drinks and tobacco (-5.1% vs -4.3%) continued to contract. On a monthly basis, retail trade rose by 2.3% in August, rebounding from a 1.0% decline in July 2025.

周四，恒生指数飙升431点，涨幅1.6%，收于27287点，创下四年多来的最高水平，并在大多数板块上涨的情况下连续第三个交易日上涨。科技股领涨，在三星和海力士宣布合作供应OpenAI数据中心后，中芯国际上涨13%。其他主要上涨股包括快手科技（8.3%）、腾讯（2.6%）和美团（1.5%）。在美国疲软的就业数据提振了对美联储降息的押注后，消费类股也录得强劲上涨。电动汽车制造商反弹，蔚来汽车在公布创纪录的月度和季度销售额后上涨6.6%，创下一年新高。辉瑞和美国总统特朗普达成协议，以降低药品价格换取关税减免，取消了汉生制药（5.2%）、信达生物制品（4.5%）和无锡生物制品（2.8%）的关税，由于政策确定性，制药公司名称增加。摩根大通大幅上调目标价后，阿里巴巴股价上涨3.9%。香港8月零售销售数据公布前的谨慎限制了涨幅。内地市场仍暂时关闭。

The Hang Seng surged 431 points, or 1.6%, to end at 27,287 on Thursday, marking its highest level in over four years and rising for a third session as most sectors rose. Tech led the rally, with SMIC jumping 13% after Samsung and Hynix announced partnerships to supply OpenAI data centers. Other major gainers included Kuaishou Tech (8.3%), Tencent (2.6%), and Meituan (1.5%). Consumer stocks also logged strong gains after weak U.S. jobs data boosted bets on Fed rate cuts. EV makers rallied, with Nio up 6.6% to a one-year high after posting record monthly and quarterly sales. Pharma names rose due to policy certainty after Pfizer and U.S. President Trump reached a deal to cut drug prices in exchange for tariff relief, lifting Hansoh Pharma (5.2%), Innovent Biologics (4.5%), and Wuxi Biologics (2.8%). Alibaba climbed 3.9% after JP Morgan sharply lifted its target price. Gains were capped by caution ahead of August retail sales data in Hong Kong. Mainland markets remain shut for a break.