香港股市周五早盘上涨68点，涨幅0.3%，至26617点，从前一交易日1.4%的跌幅反弹，逢低买入者纷纷介入。标普500指数和纳斯达克指数隔夜创纪录高位支撑市场情绪，此前一天美联储九个月来首次降息。交易员们还期待着美国总统特朗普和Xi今天的通话，此前达成了一项将TikTok归美国所有的协议。本周，由于对中国在人工智能、半导体和药物创新方面取得进展的乐观情绪，恒生指数有望连续第三次上涨，迄今为止上涨约0.8%。尽管如此，在中国央行表示没有放松政策的紧迫性后，内地股市从十年高点回落，这加剧了人们对新刺激措施可能推迟到2026年的押注，限制了上涨空间。基于云的公司Weimob在技术升级的股票出售后上涨了12%。其他排名靠前的公司包括中芯国际（3.9%）、安踏体育（3.6%）、银河娱乐。（3.2%）和Trip.com（2.1%）。

Hong Kong shares rose 68 points or 0.3% to 26,617 on Friday morning trade, rebounding from a 1.4% slump in the previous session as bargain hunters stepped in. Record highs for the S&P 500 and Nasdaq overnight supported sentiment, a day after the Fed cut rates for the first time in nine months. Traders also looked ahead to a call today between U.S. President Trump and Xi Jinping after a deal that would place TikTok under U.S. ownership. For the week, the Hang Seng is on track for the third successive gain, up around 0.8% so far, lifted by optimism over China’s progress in AI, semiconductors, and drug innovation. Still, upside was capped by a pullback in mainland stocks from decade highs after China's central bank signaled no urgency to ease policy, fueling bets that fresh stimulus may be delayed until 2026. Cloud-based company Weimob jumped 12% after a share sale for tech upgrades. Other top movers included SMIC (3.9%), Anta Sports (3.6%), Galaxy Ent. (3.2%), and Trip.com (2.1%).

周四，恒生指数下跌363点，收于26545点，跌幅1.4%，扭转了早盘涨幅，因内地市场大幅下跌，市场情绪转差。中国人民银行今天表示没有放松货币政策的紧迫性，使其七天反向回购利率保持在1.4%不变后，压力越来越大。这引发了人们的猜测，即北京可能会将新的刺激计划推迟到明年。在美国，美联储如预期般下调了基准利率，美联储主席鲍威尔称之为“风险管理下调”，同时预计今年将再降息两次，2026年再降息一次，2027年一次，以及2028年不降息。在香港股市在周五Trump-Xi就TikTok的美国所有权协议发出呼吁之前创下四年新高后，盈利也受到影响。跌幅广泛，房地产、金融和消费类股领跌。东方电气香港股价下跌3.1%。TransThera Sciences（-12.3%）、吉利汽车（-4.8%）、山东高速（-4.3%）和老蒲黄金（-3.6%）也出现了严重亏损。

The Hang Seng tumbled 363 points or 1.4% to close at 26,545 on Thursday, reversing early gains as sentiment turned sour amid a sharp drop in mainland markets. Pressure mounted after the PBoC today signaled no urgency to ease monetary policy, leaving its seven-day reverse repo rate unchanged at 1.4%. This fueled bets that Beijing may delay fresh stimulus until next year. In the US, the Fed lowered its benchmark rate as expected, with Chair Powell calling it a “risk management cut” while projecting two more reductions this year, another in 2026, one in 2027, and none in 2028. Profit-taking also weighed, after Hong Kong markets hit a four-year high ahead of Friday’s Trump-Xi call on TikTok’s US ownership deal. Losses were broad-based, led by property, financials, and consumer stocks. Dongfang Electric Hong Kong plunged 3.1% on a discounted share sale. Deep losses were also observed for TransThera Sciences (-12.3%), Geely Auto (-4.8%), Shandong Hi-Speed (-4.3%), and Laopu Gold (-3.6%).

香港股市周四上午上涨44点，涨幅0.2%，至26954点，连续第二个交易日上涨，并保持近四年高点。美联储9个月来首次降息25个基点，并表示今年将再降息两次，理由是劳动力市场存在通胀风险，市场情绪进一步改善。香港金融管理局紧随其后，将借贷成本降至4.5%，为2022年11月以来的最低水平。首席执行官俞宗怡表示，此举应支持房地产和更广泛的经济。科技股领涨，此前据报道，北京方面下令各公司停止购买英伟达芯片，以减少对美国硬件的依赖，并促进国内替代品。在行政长官John Lee在2025年的施政报告中承诺促进投资、旅游和创新后，消费者股也走强。中芯国际股价上涨5.6%，达到2004年以来的最高点，而百度则因人工智能的进步而飙升11%。其他显著的推动因素包括中国龙源电力（5.0%）、Pop-Mart（3.4%）和中国铁塔（2.8%）。

Hong Kong stocks added 44 points or 0.2% to 26,954 on Thursday morning, advancing for the second session and holding near four-year highs. Sentiment improved further after the Fed cut rates by 25bps for the first time in nine months and signaled two more reductions this year, citing labor market risks over inflation. The Hong Kong Monetary Authority followed, lowering borrowing costs to 4.5%, the lowest since November 2022. Chief Executive Eddie Yue said the move should support property and the wider economy. Tech stocks led the strength after Beijing reportedly ordered firms to halt Nvidia chip purchases to cut reliance on US hardware and foster domestic alternatives. Consumer shares also firmed after Chief Executive John Lee pledged to boost investment, tourism, and innovation in his 2025 policy address. SMIC jumped 5.6% to its highest since 2004, while Baidu surged 11% on AI progress. Other notable movers included China Longyuan Power (5.0%), Pop Mart (3.4%), and China Tower (2.8%).

9月18日，香港金融管理局（金管局）将基准利率下调25个基点至4.5%，此前美联储自2024年12月以来首次降息，并表示将在年底前进一步宽松。由于香港与美元挂钩，金管局必须密切配合美联储的政策。首席执行官俞宗怡表示，此举应支持房地产市场和更广泛的经济。与此同时，最近本币的波动已经促使干预措施通过出售美元来捍卫盯住汇率制度。削减之际，香港面临着喜忧参半的前景：政府警告称，贸易政策的不确定性可能会影响投资和跨境贸易，但受旅游业和出口的推动，2025年第一季度经济同比增长3.1%。尽管如此，金管局仍敦促家庭和企业在房地产、投资和借贷决策方面保持谨慎，理由是随着全球货币环境的演变，利率有进一步波动的风险。

The Hong Kong Monetary Authority (HKMA) cut its base rate by 25bps to 4.5% on September 18, after the US Federal Reserve delivered its first rate reduction since December 2024 and signaled further easing through year-end. With the Hong Kong dollar pegged to the US dollar, the HKMA must closely follow Fed policy. Chief Executive Eddie Yue said the move should support the property market and broader economy. Meanwhile, recent volatility in the local currency has already prompted interventions to defend the peg through dollar sales. The cut comes as Hong Kong faces a mixed outlook: the government has warned that trade policy uncertainty could weigh on investment and cross-border trade, yet the economy expanded 3.1% year-on-year in Q1 2025, driven by tourism and exports. Still, the HKMA urged households and businesses to stay cautious in property, investment, and borrowing decisions, citing the risk of further interest rate swings as global monetary conditions evolve.