瑞郎/港币 (CHFHKD) 加自选

香港10年期政府债券收益率跌至4周低点2.97%。过去4周，香港10Y债券收益率上升0.50个基点，最近12个月下降58.20个基点。

HK 10 Year Government Bond Yield decreased to a 4-week low of 2.97%. Over the past 4 weeks, Hong Kong 10Y Bond Yield gained 0.50 basis points, and in the last 12 months, it decreased 58.20 basis points.

恒生指数周五下跌41点，跌幅0.2%，收于24284点，标志着在早盘交易短暂上涨后的第二个交易日下跌。数据显示，5月份中国工业产出同比下降9.1%，为三个月来首次下降，由于通货紧缩风险和关税不确定性，今年迄今为止的产出下降了1.1%，市场情绪变得谨慎。在下周中国官方和私人消息来源公布6月PMI数据之前，交易员也感到担忧。房地产股下跌，中国海外发展（-3.9%）、恒基兆业（-2.3%）和龙湖集团（-1.8%）下跌。Akeso股份有限公司（-2.6%）和Innovent Biologics（-2.2%）等制药公司也下跌。相比之下，小米在推出一款预购量强劲的新电动汽车后创下历史新高。尽管如此，该指数本周上涨3.2%，扭转了之前的周跌幅，这得益于稀土出口框架协议后中美贸易紧张局势的缓解、北京刺激消费的新支持措施以及香港IPO市场的强劲。

The Hang Seng lost 41 points or 0.2% to close at 24,284 on Friday, marking a second session of drop after a brief rise in morning trade. Sentiment turned cautious after data showed that China’s industrial output slumped 9.1% yoy in May, the first fall in three months, dragging year-to-date output down 1.1% amid deflation risks and tariff uncertainty. Traders were also worried ahead of June PMI data in China next week from official and private sources. Property stocks dipped, with losses from China Overseas Land (-3.9%), Henderson Land (-2.3%), and Longfor Group (-1.8%). Pharma names such as Akeso Inc. (-2.6%) and Innovent Biologics (-2.2%) also fell. In contrast, Xiaomi hit a record high after launching a new EV model with strong pre-orders. Still, the index surged 3.2% this week, reversing a prior weekly loss, boosted by easing Sino-U.S. trade tensions after a rare earth export framework deal, fresh support measures from Beijing to spur consumption, and robust Hong Kong’s IPO market.

瑞士法郎兑美元汇率约为0.80，达到2011年7月以来的最高点，受美联储降息预期日益增长导致美元普遍疲软的支撑。与此同时，特朗普最早在9月或10月宣布其美联储主席候选人的可能性引发了人们对美联储独立性的怀疑，并可能导致一个“影子”人物，其观点将货币政策推向更温和的方向。与此同时，地缘政治风险仍在控制之中，因为以色列和伊朗似乎维持了停火。在国内方面，瑞士国家银行（SNB）将利率降至0%，以应对通胀压力的缓解，并表示如果下行风险持续存在，它可能会进入负值区域。瑞士央行在其第二季度公告中警告称，全球贸易风险可能会影响经济增长，预计今年国内生产总值将增长1%至1.5%。

The Swiss franc traded around 0.80 per USD, reaching the highest since July 2011, supported by broad weakness in the US dollar amid growing expectations of Federal Reserve rate cuts. At the same time, the possibility of Trump announcing his Fed Chair nominee as early as September or October has raised doubts about the Fed’s independence and could result in a ‘shadow’ figure whose views push monetary policy in a more dovish direction. Meanwhile, geopolitical risks remained under control, as Israel and Iran appeared to maintain the ceasefire. On the domestic front, the Swiss National Bank (SNB) cut interest rates to 0% to counter easing inflationary pressures and indicated it may move into negative territory if downside risks persist. In its Q2 Bulletin, the SNB warned that global trade risks could weigh on growth, forecasting GDP expansion between 1% and 1.5% this year.

2025年5月，对香港的进口同比增长18.9%，至4614亿美元，为2024年1月以来的最强劲增长，上月增长15.8%。越南（+67.3%）、英国（+49.2%）、台湾（+33.5%）、马来西亚（+27.7%）、中国大陆（+118.5%）和美国（+10.7%）的进口显著增加，而韩国（-5.0%）的进口则有所下降。按产品类别划分，大多数行业的进口都有所增长，其中以电动机械、仪器和电器及其电气部件（4月份为23.7%对16.8%）、办公机器和自动数据处理机器（69.4%对67.1%）、电信和录音及音响设备（14.8%对29.5%）、杂项制成品（2.8%对-8.7%）和发电机械设备（22.7%对20.4%）为首。相比之下，非金属矿物制品（-4.1%对-15.0%）和石油、石油产品及相关材料（-9.5%对-18.2%）的进口下降。

Imports to Hong Kong jumped 18.9% YoY to $461.4 billion in May 2025, the strongest growth since January 2024, following a 15.8% rise in the previous month. Imports rose notably from Vietnam (+67.3%), the United Kingdom (+49.2%), Taiwan (+33.5%), Malaysia (+27.7%), Mainland China (+18.5%), and the US (+10.7%), while declining from South Korea (-5.0%). By product category, imports rose across most sectors, led by electrical machinery, apparatus and appliances, and electrical parts thereof (23.7% vs 16.8% in April), office machines and automatic data processing machines (69.4% vs 67.1%), telecommunications and sound recording and reproducing equipment (14.8% vs 29.5%), miscellaneous manufactured articles (2.8% vs -8.7%), and power-generating machinery and equipment (22.7% vs 20.4%). In contrast, imports declined in non-metallic mineral manufactures (-4.1% vs -15.0%) and petroleum, petroleum products and related materials (-9.5% vs -18.2%).