根据香港金融管理局的数据，香港外汇储备从上月的4191亿美元增至2025年10月的4260亿美元，结束了三个月的下降。储备相当于流通货币的五倍多，约为香港M3的37%。截至10月底，没有未结算的外汇合约。

Hong Kong’s foreign exchange reserves rose to USD 426.0 billion in October 2025 from USD 419.1 billion in the previous month, snapping a three-month decline, according to the Hong Kong Monetary Authority. The reserves were equivalent to more than five times the currency in circulation and about 37% of Hong Kong dollar M3. There were no unsettled foreign exchange contracts at the end of October.

周五，恒生指数下跌244点，跌幅0.9%，收于26242点，扭转了中国贸易数据疲软后前一交易日2%的涨势。10月出口同比下降1.1%，这是自2月以来的首次下降，受高基数效应和几个月前期加载后外国需求降温的影响。由于国内需求疲软，进口增长1.0%，为五个月来最低。在周末中国CPI/PPI数据公布之前，由于通货紧缩风险持续存在，人们也越来越谨慎。大多数行业下跌，科技股领跌，因为人们对最近人工智能驱动的涨幅的可持续性越来越怀疑，而消费者股则因北京方面进一步政策支持的不确定性而下跌。Pop-Mart Intl下跌6.4%，紧随其后的是快手科技下跌6.2%，信达生物（-3.5%）和周大福（-2.4%）。尽管如此，该指数本周仍上涨1.3%，较前一周的跌幅有所回升，这得益于第三季度外国资金大量流入内地股市，以及对美中关系在延长贸易休战后的乐观情绪。

The Hang Seng lost 244 points or 0.9% to end at 26,242 on Friday, reversing a 2% rally in the prior session after weak trade data from China. Exports fell 1.1% yoy in October, the first drop since February, weighed by high base effects and cooling foreign demand after months of front-loading. Imports grew 1.0%, the least in five months, on subdued domestic demand. Caution also grew ahead of China’s CPI/PPI data due over the weekend, with deflation risks persisting. Most sectors fell, led by tech stocks as doubts mounted over the sustainability of recent AI-driven gains, while consumer shares slid on uncertainty about further policy support from Beijing. Pop Mart Intl tumbled 6.4%, followed by Kuaishou Tech tumbled 6.2%, Innovent Biologics (-3.5%), and Chow Tai Fook (-2.4%). Still, the index rose 1.3% for the week, rebounding from the prior week’s losses, buoyed by strong foreign inflows into mainland stocks in Q3 and optimism over U.S.-China relations following an extended trade truce.

香港股市在周五早盘下跌197点，跌幅0.8%，至26282点，在8月中旬以来的最大单日涨幅后回落，因中国10月贸易数据公布前持谨慎态度。在为避免美国关税而进行了数月的前期装载后，出口预计将大幅放缓，而在消费者情绪脆弱的情况下，进口可能会保持疲软。人们的注意力也转向了周末公布的10月份中国CPI和PPI数据，通货紧缩风险仍然令人担忧。在华尔街，由于科技股再次疲软和对美国政府长期停摆的担忧打击了市场情绪，股市隔夜下跌。香港大部分板块下跌，科技和房地产板块领跌。明显落后的包括Pop-Mart Intl（-4.0%）、Sunny Optical Tech（-2.8%）、Horizon Robotics（-2.7%）和快手科技（-2.6%）。尽管如此，受对中国推动科技自给自足的乐观情绪以及特朗普-Xi会议后与美国为期一年的贸易休战的支持，市场仍有望实现约1.4%的每周稳步上涨。

Hong Kong stocks fell 197 points, or 0.8%, to 26,282 in Friday’s morning session, retreating after their biggest one-day gain since mid-August amid caution ahead of China’s October trade data. Exports are expected to slow sharply after months of front-loading to avoid U.S. tariffs, while imports likely stay weak amid fragile consumer sentiment. Attention also turned to October Chinese CPI and PPI data due over the weekend, with deflation risks still a concern. On Wall Street, stocks declined overnight as renewed tech weakness and worries over the prolonged U.S. government shutdown hit sentiment. Most sectors in Hong Kong dropped, led by tech and property. Notable laggards included Pop Mart Intl (-4.0%), Sunny Optical Tech (-2.8%), Horizon Robotics (-2.7%), and Kuaishou Tech (-2.6%). Still, markets remain on track for solid weekly gains of about 1.4%, supported by optimism over China’s tech self-sufficiency push and a one-year trade truce with the U.S. after the Trump-Xi meeting.

周四，恒生指数上涨550点，涨幅2.1%，收于26486点，创下8月中旬以来的最大单日涨幅，也是一周来的最高水平，此前曾有过温和的收盘。所有板块均上涨，上海基准指数收复关键的4000点大关，对中国推动技术自给自足的乐观情绪提振了半导体和人工智能相关股票。在乐观的美国经济数据和强劲的企业盈利引发华尔街反弹后，风险偏好也有所改善。中芯国际（7.3%）、地平线机器人（3.2%）和Trip.com（2.5%）等科技巨头领涨，而国泰航空在宣布回购卡塔尔航空剩余股份的计划后飙升4%，创下三个月新高。本周迄今为止，香港股市在早些时候的回落后稳步上涨，这得益于美中贸易休战期延长一年，暂停了大部分关税。交易员们现在正在等待周五和周末公布的中国10月贸易和通胀数据。

The Hang Seng jumped 550 points, or 2.1%, to close at 26,486 on Thursday, marking its strongest daily gain since mid-August and the highest level in a week after a muted finish previously. All sectors advanced as Shanghai’s benchmark index reclaimed the key 4,000 mark, with optimism over China’s push for tech self-sufficiency lifting semiconductor and AI-related shares. Risk appetite also improved following upbeat U.S. economic data and strong corporate earnings that sparked a Wall Street rebound. Tech heavyweights such as SMIC (7.3%), Horizon Robotics (3.2%), and Trip.com (2.5%) led gains, while Cathay Pacific surged 4% to a three-month high after announcing plans to repurchase Qatar Airways’ remaining stake. So far this week, Hong Kong markets are on track for solid gains following an earlier pullback, supported by a one-year extension of the U.S.–China trade truce suspending most tariffs. Traders now await China’s October trade and inflation data due Friday and over the weekend.