周五，恒生指数下跌356点，跌幅1.4%，收于26128点，标志着消费类股连续第二个交易日下跌，此前特朗普总统提议征收高额关税，包括对非美国制造的品牌药品征收100%的关税，对重型卡车征收25%的关税，以及对家具征收高达50%的关税。在中国从10月1日开始为期一周的国庆节和中秋节假期之前，市场情绪也很谨慎，香港股市也在10月1号和7号休市。医药股领跌，香港上市的创新药物指数下跌3%，无锡生物（-2.8%）、创新生物（-2.2%）和汉索制药（-2.1%）拖累。科技股也大幅下跌，包括地平线机器人（-8.7%）、中芯国际（-4.9%）和快手科技（-3.4%）。本周，该指数下跌1.6%，结束了三周的上涨，因为华尔街从历史高点下跌，尽管新任官员斯蒂芬·米兰呼吁积极宽松，但美国数据走强抑制了美联储大幅降息的希望。

The Hang Seng slipped 356 points, or 1.4%, to end at 26,128 on Friday, marking a second straight session of losses as consumer stocks slumped after President Trump proposed steep tariffs, including a 100% levy on branded drugs not made in the U.S., a 25% tariff on heavy trucks, and duties of up to 50% on furniture. Sentiment was also cautious ahead of China’s week-long National Day and Mid-Autumn Festival holidays starting October 1, and Hong Kong markets also shut on October 1 and 7. Pharma stocks led falls, with the Hong Kong-listed innovative drug index down 3%, dragged by Wuxi Biologics (-2.8%), Innovent Biologics (-2.2%), and Hansoh Pharma (-2.1%). Tech names also tumbled, including Horizon Robotics (-8.7%), SMIC (-4.9%), and Kuaishou Tech (-3.4%). For the week, the index lost 1.6%, snapping three weeks of gains, as Wall Street fell from record highs and stronger U.S. data dampened hopes of sharp Fed rate cuts, despite calls from new official Stephen Miran for aggressive easing.

香港股市周五早盘下跌240点，跌幅0.9%，至26240点，延续了前一交易日的跌幅。此前，由于美联储官员对可能降息和对估值过高的担忧发出喜忧参半的信号，华尔街创纪录的涨势一夜之间停滞。本周，由于对美国关税的再次担忧，市场有望出现四周来的首次下跌，跌幅约为1%。特朗普总统周四提议，除非公司在美国“建造”制造厂，否则对品牌、专利制药产品征收100%的税。8月份的贸易数据显示，香港出口同比增长14.5%，进口增长11.5%，今年前8个月销售额和采购量均增长13%，部分抵消了损失。所有板块均有所回落，消费、科技和金融板块领跌，其中创新科技（-7.3%）、联想集团（-3.6%）、恒生银行（-3.1%）和旺旺中国（-2.8%）跌幅显著。

Stocks in Hong Kong dipped 240 points, or 0.9%, to 26,240 on Friday morning deals, extending losses from the prior session after Wall Street’s record-breaking rally stalled overnight amid mixed signals from Fed officials on potential interest rate cuts and concerns over lofty valuations. For the week, the market is on track to post its first decline in four weeks, down around 1%, pressured by renewed worries over U.S. tariffs. President Trump on Thursday proposed a 100% levy on branded, patented pharma products unless companies “build” manufacturing plants in the U.S. Losses were partly offset by August trade data showing Hong Kong’s exports jumped 14.5% yoy while imports rose at a slower 11.5%, with both sales and purchases up 13% for the first eight months of the year. All sectors retreated, led by consumer, tech, and financials, with notable decliners including Innoscience Tech (-7.3%), Lenovo Group (-3.6%), Hang Seng Bank (-3.1%), and Want Want China (-2.8%).

2025年8月，对香港的进口同比增长11.5%，达到4620亿美元，低于7月16.5%的增长。来自中国大陆（+12.4%）、台湾（+5.5%）、新加坡（+2.5%），日本（+113.3%）和美国（+0.3%）的采购量显著增加，而来自韩国的进口量下降（-11.5%）。按产品类别划分，发电机械和设备（7月份为37.9%对29.1%）和非金属矿物制品（26.3%对7.1%）的入境出货量加快，而专业、科学和控制仪器仪表的入境出货额则有所反弹（4.1%对-11.9%）。相比之下，电机和零件（15.2%对21.9%）、电信和录音及音响设备（32.4%对49.8%）以及杂项制成品（6.7%对12.4%）的增长放缓，而石油和相关产品的增长进一步下降（-4.2%对-3.4%），办公机器和自动数据处理机的增长逆转为下降（-10.6%对0.7%）。

Imports to Hong Kong rose 11.5% year-on-year to $462.0 billion in August 2025, easing from a 16.5% gain in July. Purchases increased notably from Mainland China (+12.4%), Taiwan (+5.5%), Singapore (+2.5%), Japan (+13.3%), and the US (+0.3%), while imports from Korea declined (-11.5%). By product category, inbound shipments accelerated for power-generating machinery and equipment (37.9% vs 29.1% in July) and non-metallic mineral manufactures (26.3% vs 7.1%), while rebounding in professional, scientific, and controlling instruments and apparatus (4.1% vs -11.9%). In contrast, growth slowed for electrical machinery and parts (15.2% vs 21.9%), telecommunications and sound recording and reproducing equipment (32.4% vs 49.8%), and miscellaneous manufactured articles (6.7% vs 12.4%), while further declining in petroleum and related products (-4.2% vs -3.4%) and reversing to a decline in office machines and automatic data processing machines (-10.6% vs 0.7%).

香港8月出口额为4366亿美元，同比增长14.5%，略高于7月4.3%的增幅。从地区来看，发货量扩大到中国大陆（+8.2%）、美国（+17.3%）、越南（+54.3%）、台湾（+33.7%）、印度（+15.4%）、阿联酋（+32.9%）、日本（+16.2%）和英国（+55.8%），而对韩国的出口下降（-16%）。按产品类别划分，有色金属的增长加快（176.4%对7月份的47.8%），而杂项制成品（21.2%对-5.7%）、专业、科学和控制仪器（15.7%对-0.8%）、非金属矿产品（19.1%对-18.1%）的增长有所回升。相比之下，电机和设备（15.7%对22.8%）、电信和音频设备（23.9%对32.0%）以及发电机械（15.8%对29.9%）的出口增长放缓。

Exports from Hong Kong rose 14.5% year-on-year to $436.6 billion in August, slightly above the14.3% gain in July. Regionally, shipments expanded to Mainland China (+8.2%), the US (+17.3%), Vietnam (+54.3%), Taiwan (+33.7%), India (+15.4%), the UAE (+32.9%), Japan (+16.2%), and the UK (+55.8%), while exports to Korea declined (-16%). By product category, growth accelerated for non-ferrous metals (176.4% vs 47.8% in July), while it rebounded in miscellaneous manufactured articles (21.2% vs -5.7%), professional, scientific, and controlling instruments (15.7% vs -0.8%), non-metallic mineral goods (19.1% vs -18.1%). In contrast, export growth slowed for electrical machinery and equipment (15.7% vs 22.8%), telecommunications and audio equipment (23.9% vs 32.0%), and power-generating machinery (15.8% vs 29.9%).