新加坡元/港币 (SGDHKD) 加自选

恒生指数周一飙升491点，收于25830点，涨幅1.9%，延续了第二个交易日的涨幅，达到2021年10月以来的最高点。在劳动力需求疲软的情况下，美国降息的前景推动了股市的广泛反弹。在中国，本月迄今为止，由于流动性驱动的激增，股市上涨了近10%。与此同时，中国人民银行今天向金融体系净注入4657亿元人民币，这是自7月下旬以来的最大单日增量，以保持充足的资金条件。科技指数在英伟达盈利之前和DeepSeek推出由中国芯片支持的升级型号后上涨了3%以上。消费者、房地产和金融股也上涨，因为上海取消了对符合条件的首次购房者的房产税，并放宽了郊区的购房限制。然而，在中国1月至7月工业利润数据公布之前的谨慎态度限制了进一步的涨幅。排名靠前的包括KE-Hlds。（5.6%），银河娱乐。（5.3%）、联想（3.9%）、美团（3.0%）和腾讯（2.4%）。

The Hang Seng surged 491 points or 1.9% to close at 25,830 on Monday, extending gains for the second session and reaching its highest since October 2021. The rally was broad-based, boosted by the prospects of U.S. rate cuts amid weakening labor demand. In China, stock markets climbed nearly 10% so far this month on a liquidity-driven surge. Meanwhile, the PBoC today injects a net CNY 465.7 billion into the financial system, its largest daily addition since late July, to keep funding conditions ample. The Tech Index jumped over 3% ahead of Nvidia’s earnings and after DeepSeek launched its upgraded model, backed by Chinese chips. Consumer, property, and financial shares also gained as Shanghai scrapped property taxes for eligible first-home buyers and eased purchase limits in suburban areas. However, caution before China’s January–July industrial profit data capped further gains. Top movers included KE Hlds. (5.6%), Galaxy Ent. (5.3%), Lenovo (3.9%), Meituan (3.0%), and Tencent (2.4%).

8月下旬，新加坡10年期政府债券收益率降至1.87%左右，为2022年3月以来的最低水平，此前美国货币政策的温和转变导致全球收益率下降。上周，美联储主席杰罗姆·鲍威尔强调了劳动力市场不断上升的下行风险，为未来降息敞开了大门。在国内，新加坡的年通胀率从6月份的0.8%降至7月份的0.6%，低于市场预期的0.7%和2021年1月以来的最低水平，这增加了新加坡金融管理局采取更宽松立场的空间。新加坡金融管理局在7月保持政策不变，维持新加坡元NEER区间的斜率和宽度，同时对美国潜在关税的风险发出警告。与此同时，最近SGS拍卖的强劲需求和新加坡稳健的财政状况提振了投资者的兴趣，使借贷成本保持稳定，并延续了自2024年底以来持续的收益率下降趋势。

Singapore’s 10-year government bond yield fell to around 1.87% in late August, its lowest level since March 2022, after a dovish shift in US monetary policy pulled global yields lower. Last week, Federal Reserve Chair Jerome Powell highlighted rising downside risks to the labor market, keeping the door open for future rate cuts. Domestically, Singapore’s annual inflation rate eased to 0.6% in July from 0.8% in June, below market expectations of 0.7% and the lowest since January 2021, increasing the scope for a more accommodative stance by the Monetary Authority of Singapore. The MAS left policy unchanged in July, maintaining the slope and width of the Singapore dollar NEER band while cautioning about risks from potential US tariffs. Meanwhile, strong demand at recent SGS auctions and Singapore’s solid fiscal position boosted investor appetite, keeping borrowing costs anchored and extending the downward trend in yields that has persisted since late 2024.

新加坡的年通货膨胀率从上个月的0.8%降至2025年7月的0.6%，略低于市场预测的0.7%。最新数据为2021年1月以来的最低水平，主要原因是服装和鞋类价格下跌（-2.3%对6月的-2.2%）、信息和通信价格下跌（-2.6%对-2.4%）以及杂项商品和服务价格下跌（-0.4%对0%）。此外，住房和公用事业（0.3%对0.9%）以及健康（2.4%对2.8%）的通货膨胀有所缓和。另一方面，食品（1.1%对1%）和教育（0.7%对0.5%）的成本上升，而娱乐、体育和文化的成本下降速度较慢（-1.2%对-2.6%）。按月计算，消费者价格指数下跌0.4%，为六个月来最大跌幅，较前一时期0.1%的跌幅有所加深。与此同时，7月份的年度核心通胀率降至0.5%，为四个月来的最低水平，低于市场预期和前一个月0.6%的涨幅。

Singapore’s annual inflation rate slowed to 0.6% in July 2025 from 0.8% in the previous month and slightly below market forecasts of 0.7%. The latest figure marked the lowest reading since January 2021, mainly due to lower prices for clothing and footwear (-2.3% vs -2.2% in June), information and communications (-2.6% vs -2.4%), and miscellaneous goods and services (-0.4% vs 0%). Additionally, inflation moderated for housing and utilities (0.3% vs 0.9%) and health (2.4% vs 2.8%). On the other hand, costs increased for food (1.1% vs 1%) and education (0.7% vs 0.5%), while it declined at a slower pace for recreation, sport, and culture (-1.2% vs -2.6%). On a monthly basis, consumer prices fell by 0.4%, the sharpest in six months, deepening from a 0.1% decline in the preceding period. Meanwhile, the annual core inflation rate eased to 0.5% in July, the lowest in four months, missing market estimates and the prior month’s 0.6% increase.

香港股市周一早盘飙升495点，至25836点，涨幅近2%，延续了第二个交易日的涨幅，达到近四年来的最高水平。周五，美联储主席杰罗姆·鲍威尔在杰克逊霍尔表示，在劳动力市场疲软的情况下，降息可能是合理的，随后华尔街上涨。基础广泛的上涨提振了市场，恒生科技指数上涨超过2.5%，这是由于DeepSeek推出了由国产芯片支持的升级版V3型号后，人们对人工智能重新持乐观态度。消费者、房地产和金融类股也上涨，此前新华社报道称，中国人民银行今天将通过其一年期多边基金注入6000亿元人民币，以维持国内流动性。尽管如此，在上半年疲软后，中国1月至7月工业利润数据公布之前，市场仍保持谨慎，而香港7月贸易数据也将于本周公布。排名靠前的包括华润置地（4.1%）、中芯国际（3.8%）、快手科技（3.3%）、美团（3.2%）和腾讯总部。 (2.6%).

Hong Kong shares soared 495 points or nearly 2% to 25,836 on Monday morning deals, extending gains for the second session and hitting their highest level in almost four years. The rally followed Wall Street’s advance on Friday after Fed Chair Jerome Powell signaled at Jackson Hole that rate cuts may be warranted amid a weakening labor market. Broad-based gains lifted the market, with the Hang Seng Tech Index climbing over 2.5% on renewed AI optimism after DeepSeek unveiled its upgraded V3 model, supported by domestic chips. Consumer, property, and financial stocks also climbed after Xinhua reported that the PBoC today would inject CNY 600 billion through its one-year MLF to sustain domestic liquidity. Still, caution lingered ahead of China’s January–July industrial profit data following H1 weakness, while Hong Kong’s July trade figures are also due this week. Top movers included China Resources Land (4.1%), SMIC (3.8%), Kuaishou Tech. (3.3%), Meituan (3.2%), and Tencent Hlds. (2.6%).