恒生指数周二上涨169点，收于24902点，涨幅0.7%，扭转了早盘的跌势，连续第二个交易日上涨。一项私人调查显示，在新订单、国外销售和就业增加的支持下，7月份中国服务业活动以14个月来最快的速度增长，市场情绪有所改善。华尔街的反弹也提振了市场情绪，因为美国疲软的就业数据助长了人们对美联储9月份降息的押注。金融、科技和消费者领涨，投资者关注香港过去与天气相关的干扰，包括暴雨和洪水。大陆市场的强劲势头进一步鼓励了购买，因为人们希望延长当前的美中贸易休战期。在将三款电动汽车合并为一个版本后，李汽车上涨1.4%。其他上涨股包括中国银行香港（4.7%）、中国铁塔（3.6%）、汉寿制药（3.1%）和快手科技（2.7%）。

The Hang Seng rose 169 points or 0.7% to close at 24,902 on Tuesday, reversing early losses and marking its second consecutive session of gains. Sentiment improved after a private survey showed China’s services activity grew at the fastest pace in 14 months in July, supported by rises in new orders, foreign sales, and employment. A rally on Wall Street also lifted mood, as weaker U.S. jobs data fueled bets on a Fed rate cut in September. Gains were broad-based, led by financials, tech, and consumers, as investors looked past weather-related disruptions in Hong Kong, including heavy rain and flooding. Strong momentum in mainland markets further encouraged buying, amid hopes for an extension of the current U.S.-China trade truce. Li Auto rose 1.4% after consolidating three EV variants into a single version. Other notable gainers included Bank of China Hong Kong (4.7%), China Tower (3.6%), Hansoh Pharma (3.1%), and Kuaishou Technology (2.7%).

香港股市周二上午下跌26点，跌幅0.1%，至24711点，扭转了前一交易日的涨幅。由于暴雨扰乱了公共活动，该市气象局将最高“黑色”暴雨预警延长至上午11点后，交易员们仍然保持谨慎。根据修订后的政策，香港证券交易所仍然开放，允许交易在不受天气影响的情况下继续进行。投资者也在谨慎等待中国7月份的贸易数据和即将公布的通胀数据，因为人们担心贸易壁垒上升和国内需求疲软。消费类股下跌，房地产、金融和科技股小幅上涨。周五抛售后，华尔街出现一些逢低买盘，9月降息的赌注增加，隔夜反弹限制了进一步的下跌。与此同时，根据一项私人调查，7月份中国的服务业活动增长了14个月来最多。值得注意的下跌包括KE-Hlds。（-4.4%）、老铺（-3.1%）、周大福（-2.7%）和美团（-1.1%）

Hong Kong stocks fell 26 points or 0.1% to 24,711 on Tuesday morning, reversing gains from the prior session. Traders remained cautious after the city’s weather bureau extended its highest "black" rainstorm warning until 11 a.m., as torrential rain disrupted public activities. The Hong Kong Stock Exchange remained open under a revised policy allowing trading to continue regardless of the weather. Investors also cautiously awaited China’s July trade data and upcoming inflation figures, amid concerns over rising trade barriers and weak domestic demand. Consumer stocks dropped amid modest gains in property, financials, and tech. Further losses were capped by a rally on Wall Street overnight amid some bargain hunting after Friday’s selloff and rising bets on a September rate cut. Meanwhile, services activity in China grew the most in 14 months in July, according to a private survey. Notable decliners included KE Hlds. (-4.4%), Laopu (-3.1%), Chow Tai Fook (-2.7%), and Meituan (-1.1%)

标普全球香港特别行政区PMI从6月的47.8升至2025年7月的49.2，创下六个月来的最高值。虽然这标志着私营部门活动连续第六个月收缩，但下降速度是当前经济衰退中最温和的。尽管外国需求，特别是来自中国大陆的需求继续大幅下降，但较温和的恶化反映了产出和新订单总额的下降速度放缓。疲软的需求状况也导致了新的失业，而商业信心仍然强烈悲观。在通货膨胀方面，由于购买价格上涨，投入成本压力加速至四个月来的最高点。然而，7月份的销售价格基本保持稳定。

The S&P Global Hong Kong SAR PMI rose to 49.2 in July 2025 from 47.8 in June, marking the highest reading in six months. While this signaled a sixth consecutive monthly contraction in private sector activity, the pace of decline was the softest in the current downturn. The milder deterioration reflected slower declines in both output and total new orders, though foreign demand, particularly from Mainland China, continued to fall sharply. Weak demand conditions also led to renewed job losses, while business confidence remained strongly pessimistic. On the inflation front, input cost pressures accelerated to a four-month high, driven by rising purchase prices. However, selling prices remained broadly stable in July.

周一，恒生指数上涨226点，涨幅0.9%，收于24733点，结束了四个交易日的下跌，所有板块均上涨。交易员们期待着将于8月12日到期的美中贸易休战的发展。与此同时，美国财政部长贝森特表示，在最近斯德哥尔摩举行的贸易谈判之后，华盛顿对与中国达成协议持乐观态度。另外，中国最高领导人在上周的政治局会议上承诺支持经济，控制“无序竞争”。北京还确认，第四次全体会议将于10月举行，可能重点讨论下一个五年计划。中国7月贸易报告和CPI/PPI数据公布前的谨慎态度限制了进一步上涨。与此同时，在官方数据显示服务业增长为八个月来最慢之后，周二将公布7月份私人服务业采购经理人指数。浙江Leapmotor（8.3%）和小鹏（2.5%）因7月份强劲的交付量而飙升。其他涨幅最大的股票包括老蒲黄金（6.3%）、联想（4.7%）和中芯国际（2.8%）。

The Hang Seng climbed 226 points or 0.9% to end at 24,733 on Monday, snapping a four-session dip as all sectors gained. Traders looked ahead to developments on the U.S.-China trade truce, set to expire on August 12. Meanwhile, U.S. Treasury Secretary Bessent said Washington is optimistic about reaching a deal with China, following recent trade talks in Stockholm. Separately, China's top leaders pledged to support the economy and rein in “disorderly competition” during last week’s Politburo meeting. Beijing also confirmed its fourth plenum will be held in October, likely focusing on the next five-year plan. Further gains were capped by caution ahead of China’s July trade report and CPI/PPI figures. Meantime, a private July services PMI will be due Tuesday, after official data showed the slowest services growth in eight months. Zhejiang Leapmotor (8.3%) and Xpeng (2.5%) surged on strong July deliveries. Other top gainers included Laopu Gold (6.3%), Lenovo (4.7%), and SMIC (2.8%).