香港经济在2025年第一季度同比增长3.1%，与初步估计一致，并从2024年第四季度2.5%的上调增长加速。这一增长在很大程度上是由强劲的外部需求推动的，特别是在商品和服务出口方面，因为企业预计美国即将上调关税，提前装载了货物。对外贸易表现显著强劲，商品出口激增8.4%（高于第四季度的1.3%），进口增长7.1%（此前为0.4%）。国内固定资本形成总额也恢复为正值，在上一季度收缩0.7%后增长2.8%。然而，私人消费继续下降，下降了1.1%（对-0.2%），反映出国内情绪疲软。政府支出也有所放缓，与第四季度的2.1%相比增长了1.2%。经季节性调整的季度数据显示，国内生产总值增长1.9%，为两年来最快增速，较上一季度向上修正的0.9%增长有所加快。

Hong Kong’s economy expanded by 3.1% year-on-year in Q1 2025, in line with preliminary estimates and accelerating from an upwardly revised 2.5% growth in Q4 2024. The pickup was largely driven by strong external demand, particularly in the exports of goods and services, as businesses front-loaded shipments in anticipation of imminent US tariff hikes. External trade showed notable strength, with goods exports surging by 8.4% (up from 1.3% in Q4) and imports rising by 7.1% (vs 0.4% previously). Gross domestic fixed capital formation also returned to positive territory, growing by 2.8% after contracting by 0.7% in the prior quarter. However, private consumption continued to decline, falling by 1.1% (vs -0.2%), reflecting subdued domestic sentiment. Government spending also softened, rising by 1.2% compared to 2.1% in Q4. On a seasonally adjusted quarterly basis, GDP grew by 1.9%, the fastest pace in two years and an acceleration from the previous quarter’s upwardly revised 0.9% gain.

恒生指数周五下跌108点，跌幅0.5%，收于23345点，连续第二天下跌，所有板块均出现广泛下跌。当华盛顿和北京之间为期90天的贸易战休战于7月结束时，投资者不确定政策将如何演变。美国期货价格的攀升未能提振市场情绪，因为交易员在下周中国公布包括工业产出和零售销售在内的4月份关键数据之前感到紧张。与此同时，中国央行将重新审视其基准贷款利率。近几个月来，随着经济面临国内外压力，基准贷款利率一直保持在历史最低水平。尽管如此，恒生指数本周仍上涨约2%，为连续第五周上涨，也是自2月以来的最长涨幅，这得益于一些全球投资银行上调了对中国的增长预测，押注于对美国出口的持续前期投入。阿里巴巴在未达到收入预期后下跌3.9%，而恒生银行（-3.3%）、太古（-3.2%）和美团（-3.1%）也大幅下跌。

The Hang Seng dropped 108 points or 0.5% to end at 23,345 on Friday, down for the second day amid broad-based losses across all sectors. Investors were unsure how policies would evolve when the 90-day trade war truce between Washington and Beijing ends in July. A climb in US futures failed to lift sentiment as traders were on edge ahead of China’s key April data next week, including industrial output and retail sales. Meanwhile, the PBoC is set to review its benchmark lending rates, which have stayed at record lows in recent months as the economy faces domestic and external pressures. Still, the Hang Seng rose about 2% for the week—its fifth straight weekly gain and the longest run since February—boosted by upgraded growth forecasts for China from some global investment banks, on bets of continued front-loading of exports to the U.S. Alibaba slid 3.9% after missing revenue estimates, while Hang Seng Bank (-3.3%), Swire Pacific (-3.2%), and Meituan (-3.1%) also posted steep declines.

香港股市周五下跌214点，跌幅0.9%，至23241点，在所有板块下跌的情况下连续第二个交易日下跌。在下周公布的中国4月份关键数据（包括工业产出、零售额和房价）之前，投资者变得谨慎。与此同时，中国央行将重新审视其基准贷款利率，近几个月来，该利率一直保持在历史最低水平，以支持陷入困境的经济。阿里巴巴集团总部。在公布令人失望的季度收入后，股价下跌4.9%。其他主要输家包括快手（-3.0%）、美团（-2.7%）、Trip.com（-2.2%）和华润置地（-1.8%）。尽管如此，恒生指数仍有望连续第五周上涨，这是自2月以来的最长连涨，迄今已上涨1.5%以上。日内瓦协议和北京决定解除稀土出口限制三个月并取消对17家美国公司的贸易和投资禁令后，中美贸易紧张局势的大幅缓和提振了市场情绪。

Hong Kong shares fell 214 points or 0.9% to 23,241 on Friday, posting a second straight session of losses amid declines across all sectors. Investors turned cautious ahead of China’s key April data due next week, including industrial output, retail sales, and home prices. Meanwhile, the PBoC is set to review its benchmark lending rates, which have remained at record lows in recent months to support the struggling economy. Alibaba Group Hlds. tumbled 4.9% after reporting disappointing quarterly revenue. Other major losers included Kuaishou (-3.0%), Meituan (-2.7%), Trip.com (-2.2%), and China Resources Land (-1.8%). Still, the Hang Seng Index remains on track for the fifth consecutive weekly gain—the longest streak since February—up over 1.5% so far. Sentiment was buoyed by a major thaw in Sino-U.S. trade tensions following the Geneva Deals and Beijing’s decision to lift rare earth export curbs for three months and remove trade and investment bans on 17 U.S. companies.

周四，恒生指数下跌187点，跌幅0.8%，收于23453点，扭转了早盘涨幅，并从上一交易日的强劲反弹中回落。受科技、房地产和消费类股拖累，所有板块均下跌。由于中国大陆股市在三天的看涨情绪后转低，市场情绪减弱。周三的数据显示，中国4月份的新银行贷款降至20年来的最低点，这反映了需求疲软和美中贸易紧张局势的持续压力。即使是北京在贸易争端缓解期间撤销稀土出口禁令的消息，也没有提振市场情绪。在阿里巴巴公布财报之前，交易员们也感到紧张。恒生银行股价下跌1.1%，业务重组将影响其1%的核心员工。其他值得注意的下跌股包括KE控股（-5.0%）、美团（-3.0%）和中芯国际（-3.2%）。从好的方面来看，吉利汽车在报告季度利润大幅增长后，股价上涨了2.1%。

The Hang Seng fell 187 points or 0.8% to close at 23,453 on Thursday, reversing early gains and pulling back from a strong rally in the previous session. All sectors declined, weighed by tech, property, and consumer stocks. Sentiment weakened as mainland Chinese markets turned lower after a three-day bullish mood. Caution also grew after Wednesday's data showed a plunge to a 20-year low in China’s new bank loans for April, reflecting weak demand and ongoing pressure from the U.S.–China trade tensions. Even news that Beijing had rolled back a rare earth export ban amid easing trade disputes did little to lift sentiment. Traders also stayed on edge ahead of Alibaba’s earnings report. Hang Seng Bank slipped 1.1% amid a business restructuring that will affect 1% of its core staff. Other notable decliners included KE Holdings (-5.0%), Meituan (-3.0%), and SMIC (-3.2%). On the upside, Geely Auto jumped 2.1% after reporting a strong surge in its quarterly profit.