恒生指数：中国刺激政策和贸易乐观情绪提振情绪，科技股领涨。恒生指数因科技股走强、北京方面的支持和贸易乐观情绪而上涨；日经225指数和澳大利亚证券交易所200指数追随全球风险。

Hang Seng Index: Tech-Led Gains as China Stimulus and Trade Optimism Lift Mood.The Hang Seng Index rallies on tech strength, Beijing support, and trade optimism; Nikkei 225 and ASX 200 follow global risk-on momentum.

中国驻美国大使馆：中国不会在贸易谈判中妥协原则。周四早间，中国极具影响力的媒体《环球时报》援引中国驻美国大使馆的话说，北京不太可能在瑞士谈判开始前降低关税。

Chinese Embassy in the US: China will not compromise its principles in trade talks.Citing the Chinese Embassy in the United States (US), the Global Times, a highly influential China's media outlet, stated on X early Thursday that Beijing is unlikely to lower tariffs before the talks in Switzerland begin.

中国人民银行（PBOC）周四通过七天反向回购向银行系统注入1586亿元人民币，利率从前一天的1.5%降至1.4%。周三宣布的这一举措是更广泛的货币宽松措施的一部分，旨在随着外部压力的增加稳定经济增长。

The People’s Bank of China (PBOC) on Thursday injected CNY 158.6 billion into the banking system through seven-day reverse repos at a reduced rate of 1.4%, down from 1.5% the previous day. The move, announced on Wednesday, is part of a broader package of monetary easing measures aimed at stabilizing growth as external pressures mount.

周四，上证综指上涨0.2%，至3350点左右，而深证成分股上涨0.6%，至10160点，延续了最近的涨幅，这得益于新的刺激措施和对即将到来的美中贸易谈判的乐观情绪。周三，中国央行宣布计划将关键贷款利率下调10个基点，并将银行存款准备金率下调50个基点，以促进经济增长。中国证实，副总理何立峰将于本周晚些时候在瑞士会见美国财政部长斯科特·贝森特，这是首次直接会谈，旨在解决当前贸易战中的关税紧张局势，这进一步推动了积极势头。尽管采取了外交举措，但唐纳德·特朗普总统重申，他不会将降低关税作为启动正式谈判的先决条件。科技股领涨，Eoptolink Technology（+8.4%）、中航成都（+13.7%）、Luxshare Precision（+3.3%）和中技创新（+6%）领涨。

The Shanghai Composite rose 0.2% to around 3,350 while the Shenzhen Component climbed 0.6% to 10,160 on Thursday, extending recent gains, buoyed by fresh stimulus measures and optimism surrounding upcoming US-China trade talks. On Wednesday, China’s central bank announced plans to cut key lending rates by 10 basis points and reduce banks’ reserve requirement ratio (RRR) by 50 basis points in a bid to bolster economic growth. Adding to the positive momentum, China confirmed that Vice Premier He Lifeng will meet with US Treasury Secretary Scott Bessent in Switzerland later this week—the first direct talks aimed at addressing tariff tensions in the ongoing trade war. Despite the diplomatic move, President Donald Trump reiterated that he would not lower tariffs as a precondition for launching formal negotiations. Technology stocks led the rally, with notable gains from Eoptolink Technology (+8.4%), Avic Chengdu (+13.7%), Luxshare Precision (+3.3%), and Zhongji Innolight (+6%).