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周五，恒生指数上涨212点，涨幅0.8%，收于25317点，较前一交易日的下跌有所回升，中国内地股市因科技乐观情绪再次高涨而创下十年新高。周四，DeepSeek推出升级版V3 AI模型后，恒生科技指数飙升2.7%，随着北京发展芯片自给自足，该模型得到了国内半导体的支持。在7月份中国经济活动放缓的迹象出现后，消费者股也大幅上涨，寄希望于北京方面出台新的刺激措施。在当地，香港7月份的年度通胀率降至1.0%的4年低点，这是连续第三个月放缓。官员们指出，该市的成本压力保持稳定，预计通胀在短期内将保持温和。涨幅较大的公司包括中芯国际（9.7%）、比亚迪电子（5.9%）、地平线机器人（4.9%）、快手科技（4.3%）和小米公司（2.1%）。本周，该指数上涨0.3%，连续第三周上涨。

The Hang Seng climbed 212 points or 0.8% to close at 25,317 on Friday, rebounding from the prior session’s losses as mainland Chinese markets hit a decade high on renewed tech optimism. The Hang Seng Tech Index surged 2.7% after DeepSeek unveiled an upgraded V3 AI model on Thursday, with support from domestic semiconductors as Beijing develops chip self-sufficiency. Consumer shares also rose sharply on hopes of fresh stimulus from Beijing after signs of slowing Chinese activity in July. Locally, Hong Kong’s annual inflation eased to a 4-year low of 1.0% in July, the third straight month of slowdown. Officials noted cost pressures in the city remained stable and expected inflation to stay subdued in the near term. Notable gainers included SMIC (9.7%), BYD Electronic (5.9%), Horizon Robotics (4.9%), Kuaishou Tech (4.3%), and Xiaomi Corp. (2.1%). For the week, the index added 0.3%, extending gains for the third successive week.

周五，新西兰基准标准普尔/NZX 50指数下跌1.15%，收于13043点，结束了为期两天的反弹，因为SkyCity Entertainment的严重亏损给市场带来了压力。这家赌场运营商的股价在周四公布其全年基本收益大幅下降后，从两天的停牌恢复交易，暴跌29%。权重股的抛售压力有所扩大，斐雪派克（-2.1%）、奥克兰国际机场（-1.9%）、Infratil（-1.2%）、新西兰水星（-21%）、Contact Energy（-1.0%）和Spark NZ（-0.6%）的跌幅显著。相反，恒天然股价飙升19.5%，此前该国最大的乳制品公司宣布将其全球消费者和相关业务出售给法国巨头Lactalis。与此同时，全球投资者正在等待美联储主席杰罗姆·鲍威尔今天晚些时候在杰克逊霍尔的演讲，以寻找美国今年可能降息的线索。尽管周五有所回落，但新西兰元50指数本周上涨1.2%，连续第三周上涨。

New Zealand's benchmark S&P/NZX 50 index fell 1.15% to close at 13,043 on Friday, snapping a two-day rally, as heavy losses in SkyCity Entertainment weighed on the market. The casino operator’s shares plunged 29% after resuming trade from a two-day halt, following Thursday’s report of a steep drop in its full-year underlying earnings. Selling pressure extended across heavyweight stocks, with notable declines in Fisher & Paykel (-2.1%), Auckland Intl Airport (-1.9%), Infratil (-1.2%), Mercury NZ (-2.1%), Contact Energy (-1.0%), and Spark NZ (-0.6%). Conversely, shares of Fonterra surged 19.5% after the country's biggest dairy firm announced the sale of its global consumer and related businesses to French giant Lactalis. Meanwhile, investors globally are now awaiting Federal Reserve Chair Jerome Powell’s speech at Jackson Hole later today for clues on potential US rate cuts this year. Despite Friday’s retreat, the NZX 50 rose 1.2% for the week, notching its third straight weekly advance.

香港股市周五早盘上涨89点，涨幅0.3，至25191点，受大多数板块涨幅支撑。尽管华尔街隔夜疲软，但市场从前一交易日的下跌中复苏，因为投资者谨慎地等待美联储主席鲍威尔在杰克逊霍尔的演讲。在中国经济7月份放缓后，市场对北京出台新刺激措施的希望也有所改善。从9月开始，中国政府将推出为期一年的消费贷款补贴，涵盖90%的利息成本，其余由地方当局提供资金。在当地，香港7月份的年通胀率达到1.0%的4年低点，标志着经济放缓的第三个月。中芯国际上涨5.9%，其次是无锡生物制品（2.9%）、快手科技（2.8%）和小米公司（2.0%）。然而，由于香港失业率在截至7月的三个月内攀升至3.7%，创下2-1/2年来的最高水平，恒生指数将出现三年来的首次单周下跌，迄今下跌约0.4%。

Hong Kong stocks increased 89 points or 0.3 to 25,191 in early trade on Friday, supported by gains across most sectors. The market recovered from the prior session’s losses despite overnight weakness on Wall Street, as investors cautiously awaited Fed Chair Powell’s speech at Jackson Hole. Sentiment also improved on hopes of fresh stimulus from Beijing after China’s economy slowed in July. Starting in September, the Chinese government will launch a one-year consumer loan subsidy, covering 90% of interest costs, with local authorities funding the rest. Locally, Hong Kong’s annual inflation hit a 4-year low of 1.0% in July, marking a third month of slowdown. SMIC gained 5.9%, followed by Wuxi Biologics (2.9%), Kuaishou Tech. (2.8%), and Xiaomi Corp. (2.0%). However, the Hang Seng is set for its first weekly loss in three, down about 0.4% so far, due to a rising jobless rate in Hong Kong that climbed to 3.7% in the three months through July, the highest in 2-1/2 years.

周五，新西兰元徘徊在0.581美元左右，接近4月11日以来的最低水平，因预计储备银行将进一步降息。周三，新西兰储备银行将其官方现金利率下调25个基点至3.0%的三年低点，并暗示未来将进一步放松以重振陷入困境的经济，此后利率预期急剧变化。市场和大多数经济学家现在预计，到年底，至少还会再降息两次，如果经济未能如央行所希望的那样增长，则有可能进一步降息。在全球方面，投资者现在将注意力转向美联储主席杰罗姆·鲍威尔当天晚些时候在杰克逊霍尔研讨会上的演讲，以了解美国今年可能降息的线索。本周，新西兰元下跌1.7%，将连续第二周下跌。

The New Zealand dollar hovered around $0.581 on Friday, holding near its weakest level since April 11, amid expectations of further interest rate cuts by the Reserve Bank. Rate expectations shifted sharply after the RBNZ cut its official cash rate by 25bps to a three-year low of 3.0% on Wednesday and signaled further easing ahead to revive a struggling economy. Markets and most economists now anticipate at least two more rate cuts by year-end, with the risk of deeper reductions if the economy fails to grow as the central bank hopes. On the global front, investors are now turning their attention to Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium later in the day for hints on potential US rate cuts this year. For the week, the kiwi has fallen 1.7%, heading for a second consecutive weekly decline.