周五，恒生指数暴跌371点，跌幅1.9%，收于近两个月低点19230点，标志着第二个交易日的下跌，原因是企业盈利疲软，人们越来越担心随着唐纳德·特朗普即将重返总统宝座，美国可能加征关税，中国经济复苏将步履蹒跚。本周，该指数下跌了约1%，这是连续第二次下跌，所有行业都遭受了巨大损失，因为大陆市场暴跌了约3%。在电子商务巨头PDD Hlds之后，科技股下跌2.6%，接近熊市。未达到第三季度的预期。与此同时，在线搜索公司百度股份有限公司股价下跌8.6%，此前该公司的盈利低于预期。其他拖累股包括半导体制造（-7.1%）和美团（-3.5%）。路透社报道称，中国政府顾问建议北京在2025年将经济增长目标保持在5%左右，并呼吁采取大量财政刺激措施来抵消美国不利政策的影响，以减少进一步的经济衰退。

The Hang Seng plunged 371 points or 1.9% to finish at a near two-month low of 19,230 on Friday, marking the second session of losses amid weak corporate earnings and intensifying fears over a bumpy recovery in China due to potential US tariff hikes with Donald Trump's imminent return to the presidency. For the week, the index slipped around 1%, its second straight decline, with all sectors suffering steep losses, as markets in the mainland plummeted around 3%. Tech shares dropped 2.6%, moving closer to a bear market, after e-commerce giant PDD Hlds. missed Q3 estimates. Meanwhile, online search company Baidu Inc. sank 8.6% after lower-than-expected earnings. Other big drags included Semicon Manufacturing (-7.1%) and Meituan (-3.5%). Reducing further slump was a Reuters report that Chinese government advisers had recommended Beijing to maintain an economic growth target of around 5% for 2025, calling for considerable fiscal stimulus to offset the impact of adverse US policies.

香港股市在周五的早盘交易中下跌74点，跌幅0.4%，至19527点，标志着在大多数行业（尤其是房地产和金融）下跌的情况下，股市连续第二个交易日下跌。与此同时，由于唐纳德·特朗普（Donald Trump）选择财政部长的不确定性，美国的未来仍然保持沉默。在大盘股中，快手科技大幅下跌11.7%，其次是雅迪集团（-4.8%）、周大福珠宝（-4.4%）和博泰机器人（-4.1%）。尽管如此，恒生指数仍有望以乐观的基调结束本周，在前一时期大幅下跌后，迄今已上涨约0.5%。这得到了明年中国采取重大财政措施的希望的支持，因为北京的目标是减轻新政府下美国关税上调的潜在影响。在当地，香港10月份的年通胀率降至1.4%的五个月低点，这是连续第二个月的宽松。当局预计近期通胀数据将保持温和。

The stock market in Hong Kong slipped 74 points or 0.4% to 19,527 in early deals on Friday, marking the second session of decline amid losses in most sectors, notably property and financials. Meanwhile, US futures remained muted amid uncertainty surrounding Donald Trump's choice for Treasury Secretary. Among large-cap stocks, Kuaishou Tech saw a sharp drop of 11.7%, followed by Yadea Group (-4.8%), Chow Tai Fook Jewellery (-4.4%), and UBtech Robotics (-4.1%). Still, the Hang Seng is on track to end the week on an upbeat note, with a gain of around 0.5% so far, following a steep drop in the prior period. This was supported by hopes for significant fiscal measures in China next year as Beijing aims to mitigate the potential impact of US tariff hikes under a new administration. Locally, Hong Kong's annual inflation dropped to a five-month low of 1.4% in October, pointing to the second consecutive month of easing. Authorities expect inflation figures to remain mild in the near term.

香港的年通胀率从上月的2.2%降至2024年10月的1.4%。这标志着自5月以来的最低通胀率，因为食品（0.9%对9月的1%）、住房（1%对3.3%）和杂项服务（1.9%对2%）的价格有所放缓。与此同时，耐用品的通货紧缩加剧（-0.7%对-0.4%）。与此同时，电力、天然气和水（8.5%对6.5%）、酒精饮料和烟草（21.8%对21.4%）、杂项商品（1.6%对1.2%）和运输（1.6%对1%）的成本加快。此外，服装和鞋类的通缩有所缓解（-1.4%对-1.6%）。按月计算，10月份消费者价格从前一个月的0.1%微升至0.2%。

The annual inflation rate in Hong Kong slowed to 1.4% in October 2024 from 2.2% in the previous month. This marked the lowest inflation rate since May, as prices moderated for food (0.9% vs 1% in September), housing (1% vs 3.3%), and miscellaneous services (1.9% vs 2%). At the same time, deflation worsened for durable goods (-0.7% vs -0.4%). Meanwhile, costs accelerated for electricity, gas and water (8.5% vs 6.5%), alcoholic drinks and tobacco (21.8% vs 21.4%), miscellaneous goods (1.6% vs 1.2%), and transport (1.6% vs 1%). Moreover, deflation eased for clothing and footwear (-1.4% vs -1.6%). On a monthly basis, consumer prices edged up to 0.2% in October from 0.1% in the preceding month.

周四，恒生指数下跌104点，收于19601点，跌幅0.5%，此前一个交易日略有上涨，受英伟达盈利预测低于一些投资者的高预期后美国期货小幅下跌的拖累。与此同时，高盛分析师指出，美国大选后宏观环境发生了明显变化，美元走强对亚洲股市构成了不利因素。尽管如此，由于希望北京明年可能采取更强有力的财政政策来应对特朗普关税对中国出口的影响，损失有所减轻。所有行业均下跌，科技和房地产板块跌幅最大。由于对未来利润增长的担忧，快手科技股价下跌1.8%，而阿里巴巴影业股价下跌8.4%，原因是2024年上半年利润下降。其他主要输家包括雅迪集团（-5.2%）、周大福珠宝（-4.2%）和KE控股（-2.8%）。交易员们现在等待香港将于今天晚些时候公布的通胀数据，此前9月份的数据达到了三个月来的最低水平2.2%。

The Hang Seng fell by 104 points or 0.5% to close at 19,601 on Thursday after a slight gain in the previous session, dragged by a modest drop in US futures following Nvidia's earnings forecast which fell short of some investors' high expectations. Meantime, Goldman Sachs analysts noted a clear shift in the macro environment post-US election, with a stronger dollar posing headwinds for Asian equities. Still, losses were mitigated by hopes that Beijing might adopt stronger fiscal policies next year to counter the impact of Trump's tariffs on Chinese exports. All sectors declined, with tech and property among the top losers. Kuaishou Tech tumbled 1.8% due to concerns about future profit growth, while Alibaba Pictures fell 8.4% on lower profits in H1 of 2024. Other major losers included Yadea Group (-5.2%), Chow Tai Fook Jewellery (-4.2%), and KE Holdings (-2.8%). Traders now await Hong Kong's inflation data, due later today, after the September figure reached a three-month low of 2.2%.