周二，恒生指数上涨158点，涨幅0.7%，收于22663点的一个月高点，标志着在贸易紧张局势缓解的迹象下连续第四次上涨。特朗普总统周日表示，美国正在与包括中国在内的几个国家就贸易协议进行接触。在当地，香港经济在2025年第一季度同比增长3.1%，这是五个季度以来最强劲的增长速度，这是受美国计划上调关税之前强劲的旅游业和强劲的出口推动的。人民币反弹至一个半月高点，香港金融管理局为支持美元而进行的干预也提振了市场情绪。然而，数据显示，在关税风险的影响下，中国4月份的服务业活动增长是7个月来最低的，这限制了涨幅。与此同时，美国期货在美联储政策会议之前略有下跌，预计周三将作出利率决定。大多数行业上涨，金融、消费者和房地产领涨。农夫山泉股价上涨6.8%，紧随其后的是周大福（5.7%）、金沙中国（5.2%）和美团（4.6%）。

The Hang Seng advanced 158 points or 0.7% to end at a one-month peak of 22,663 on Tuesday, marking its fourth straight gain amid signs of easing trade tensions. President Trump said Sunday that the U.S. was engaging with several countries, including China, on trade deals. Locally, Hong Kong’s economy grew 3.1% yoy in Q1 2025—the strongest pace in five quarters—driven by strong tourism and robust exports ahead of planned U.S. tariff hikes. A rally in the yuan to a 1-1/2-month high and intervention by the Hong Kong Monetary Authority to support the local dollar also lifted sentiment. However, gains were capped by data showing China’s services activity in April grew the least in seven months amid tariff risks. Meanwhile, U.S. futures dipped slightly ahead of the Fed’s policy meeting, with a rate decision expected Wednesday. Most sectors advanced, led by financials, consumers, and property. Nongfu Spring jumped 6.8%, followed by Chow Tai Fook (5.7%), Sands China (5.2%), and Meituan (4.6%).

香港股市周二早盘上涨142点，涨幅0.6%，至22645点，标志着股市在假期后重新开盘，连续第四个交易日上涨。基础广泛的行业上涨，尤其是金融、房地产和消费者板块，推动该指数创下一个月新高。闪电数据显示，该市经济在2025年第一季度同比增长3.1%，为五个季度以来最强劲的增速，这进一步提振了市场情绪，这得益于旅游活动和美国总统特朗普计划提高关税之前的强劲出口。在中国，股市也恢复了活动，有迹象表明，北京对美国关于145%关税谈判的提议持开放态度。然而，隔夜华尔街的下跌限制了进一步的上涨。与此同时，一项私人调查显示，4月份中国服务业的增长是7个月来最低的，因为新订单大幅放缓，市场情绪接近历史最低水平。大盘股中涨幅最大的包括金沙中国（6.6%）、周大福（6.4%）、农夫山泉（5.7%）和美团（4.1%）。

Hong Kong equities rose 142 points or 0.6%, to 22,645 in early trading on Tuesday, marking a fourth straight session of gains as markets reopened after a holiday. Broad-based sector gains—particularly in financials, property, and consumers—pushed the index to a one-month high. Sentiment was further boosted by flash data showing the city’s economy grew 3.1% yoy in Q1 of 2025, the strongest pace in five quarters, driven by tourism activity and robust exports ahead of U.S. President Trump’s planned tariff hikes. In China, stock markets also resumed activity amid signs that Beijing is open to U.S. proposals for talks over 145% tariffs. However, further gains were limited by losses on Wall Street overnight. Meanwhile, a private survey reported China’s services sector grew the least in seven months in April, as new orders slowed sharply and sentiment neared a record low. Top gainers among large caps included Sands China (6.6%), Chow Tai Fook (6.4%), Nongfu Spring (5.7%), and Meituan (4.1%).

继上月下降15.1%后，香港2025年3月零售额同比下降4.8%，标志着零售活动连续第十三个月下降。这主要是由于消费品下降（2月份为-17.9%，2月份为-16.6%）；服装和鞋类（-9.7%对-14.1%）；珠宝、钟表和贵重礼品（-6%对-16.6%）；百货商店（-5%对-22.9%）；燃料（-2%对-12.6%）；其他消费品（-2%对-12%）。相比之下，超市的销售额有所增长（2.8%对-18.9%）；食品、酒精饮料和烟草（7.1%对-11.1%）。按月计算，3月份零售额增长2.1%，扭转了2月份17.3%的大幅下降。政府发言人指出，全球经济前景日益增长的不确定性，以及消费模式的持续转变，将继续对该行业构成挑战。

Retail sales in Hong Kong dropped by 4.8% year-on-year in March 2025, following a 15.1% drop in the previous month, marking the thirteenth straight month of falling retail activity. This was mainly driven by the decrease in consumer goods (-17.9% vs -16.6% in February); clothing & footwear (-9.7% vs -14.1%); jewellery, watches and clocks & valuable gifts (-6% vs -16.6%); department stores (-5% vs -22.9%); fuels (-2% vs -12.6%); and other consumer goods (-2% vs -12%). In contrast, the sales increased in supermarkets (2.8% vs -18.9%); and food, alcoholic drinks & tobacco (7.1% vs -11.1%). On a monthly basis, retail sales rose by 2.1% in March, reversing the sharp 17.3% drop in February. A government spokesman noted that the growing uncertainty in the global economic outlook, along with the ongoing shift in consumption patterns, will continue to pose challenges for the sector.

美元兑港元跌至4年低点7.75。过去4周，美元香港下跌0.34%，过去12个月下跌0.76%。

USDHKD decreased to a 4-year low of 7.75. Over the past 4 weeks, US Dollar Hong Kong Dollar lost 0.34%, and in the last 12 months, it decreased 0.76%.