香港股市周三早盘上涨40点，涨幅0.2%，至25565点，试图从前一天的大幅下跌中恢复过来，科技股和消费股走强。在英伟达今天晚些时候公布收益和周五公布个人消费支出指数之前，美国期货价格小幅上涨，支撑了市场情绪。在中国，7月份工业利润同比下降1.5%，较6月份因北京方面持续的支持措施而下降4.3%有所缓解，尽管2025年前七个月的累计亏损为1.7%。特朗普总统下令前所未有地解雇美联储理事丽莎·库克后，对美国货币政策的担忧限制了涨幅，此举预计将引发法律挑战。在贸易方面，香港7月出口同比增长14.3%，但进口增长16.5%，扩大了贸易赤字。主要的推动者包括农夫山泉（7.0%）、中芯国际（4.1%）、普拉达水疗（3.9%）、地平线机器人（2.5%）和中国虹桥集团（2.3%）。

Hong Kong stocks rose 40 points or 0.2% to 25,565 in early trade on Wednesday, trying to recover from steep losses in the prior day amid strength in tech and consumer shares. Sentiment was supported by a modest uptick in U.S. futures ahead of Nvidia’s earnings later today and the release of the PCE index on Friday. In China, industrial profits fell 1.5% yoy in July, easing from a 4.3% drop in June amid Beijing’s ongoing support measures, though cumulative losses for the first seven months of 2025 stood at 1.7% from a year earlier. Gains were capped by concerns over U.S. monetary policy after President Trump ordered the unprecedented firing of Fed Governor Lisa Cook, a move expected to trigger a legal challenge. On the trade front, Hong Kong’s exports rose 14.3% yoy in July, but a sharper 16.5% increase in imports widened the trade deficit. Notable movers included Nongfu Spring (7.0%), SMIC (4.1%), Prada Spa (3.9%), Horizon Robotics (2.5%), and China Hongqiao Group (2.3%).

2025年7月，对香港的进口同比增长16.5%，达到4804亿美元，高于6月11.1%的增长。来自越南（+129.3%）、泰国（+33.1%）、新加坡（+28.7%）、英国（+24.8%）、日本（+22.3%）和中国内地（+16.3%）的进口显著增长，而来自美国（-8.8%）的出口则有所下降。按产品类别划分，大多数行业的进口都有所增长，其中电动机械、仪器和电器及其电气部件（6月份为21.9%对14.6%）、电信和录音及音响设备（49.8%对17.7%）、办公机器和自动数据处理机器（0.7%对9.8%）、杂项制成品（12.4%对12.6%）、发电机械和设备（29.1%对38.7%）以及非金属矿物制品（7.1%对-15.6%）的进口增长最为明显。相比之下，专业、科学和控制仪器和设备（-11.9%对-9.4%）以及石油和相关产品（-3.4%对-10.5%）的进口下降。

Imports to Hong Kong rose 16.5% year-on-year to $480.4 billion in July 2025, accelerating from an 11.1% gain in June. Imports rose notably from Vietnam (+129.3%), Thailand (+33.1%), Singapore (+28.7%), the United Kingdom (+24.8%), Japan (+22.3%) and the mainland of China (+16.3%), while imports from the US (-8.8%) declined. By product category, imports rose across most sectors, led by electrical machinery, apparatus and appliances, and electrical parts thereof (21.9% vs 14.6% in June), telecommunications and sound recording and reproducing equipment (49.8% vs 17.7%), office machines and automatic data processing machines (0.7% vs 9.8%), miscellaneous manufactured articles (12.4% vs 12.6%), power-generating machinery and equipment (29.1% vs 38.7%), and non-metallic mineral manufactures (7.1% vs -15.6%). In contrast, imports declined in professional, scientific and controlling instruments and apparatus (-11.9% vs -9.4%), and petroleum and related products (-3.4% vs -10.5%).

香港7月出口4463亿美元，同比增长14.3%，高于6月1.9%的增长。对亚洲市场的出口增长了19.3%，其中台湾（+91.9%）、马来西亚（+80.7%）、新加坡（+42.5%）、越南（+42.1%）、菲律宾（+16.5%）和中国大陆（+16.1%）的增长尤为强劲。相比之下，运往非亚洲目的地的货物有所减弱，尤其是运往美国（-7.6%）和荷兰（-42.1%）的货物。按产品类别划分，大多数行业的出口都有所增长，其中电动机械和设备（6月份为22.8%对20.2%）、电信和录音及音响设备（32.0%对2.6%）、发电机械和设备的出口（29.9%对19.3%）和有色金属的出口（47.8%对80.8%）居首位。相比之下，办公室和自动数据处理机器（-4.4%对10.4%）、杂项制成品（-5.7%对8.9%）、科学和精密仪器（-0.8%对-9.2%）和非金属矿产品（-18.1%对-8.3%）的出口下降。

Exports from Hong Kong rose by 14.3% year-on-year to $446.3 billion in July, accelerating from an 1.9% gain in June. Exports to Asian markets climbed by 19.3%, with particularly strong growth in Taiwan (+91.9%), Malaysia (+80.7%), Singapore (+42.5%), Vietnam (+42.1%), the Philippines (+16.5%) and the mainland of China (+16.1%). In contrast, shipments to non-Asian destinations weakened, notably to the US (-7.6%) and the Netherlands (-42.1%). By product category, exports rose across most sectors, led by electrical machinery and apparatus (22.8% vs 20.2% in June), telecommunications and sound recording and reproducing equipment (32.0% vs 2.6%), power generating machinery and equipment (29.9% vs 19.3%), and non-ferrous metals (47.8% vs 80.8%). In contrast, exports fell in office and automatic data processing machines (-4.4% vs 10.4%), miscellaneous manufactured articles (-5.7% vs 8.9%), scientific and precision instruments (-0.8% vs -9.2%) and non-metallic mineral goods (-18.1% vs -8.3%).

香港的贸易赤字从去年同月的219亿美元扩大到2025年7月的341亿美元。出口同比增长14.3%，达到4463亿美元，主要得益于电机和设备（22.8%）以及电信和音频设备（32.0%）的强劲增长。对亚洲整体的出口激增19.3%，而对非亚洲市场的出口下降，特别是对美国（-7.6%）和荷兰（-42.1%）。与此同时，进口额增长16.5%，达到4804亿美元，主要原因是电机及相关零部件（21.9%）以及电信和视听设备（49.8%）的采购量增加。来自大多数主要供应商的进口增长强劲，其中越南（+129.3%）、泰国（+33.1%）、新加坡（+28.7%）和英国（+24.8%）领涨。2025年前七个月，累计贸易逆差达到2186亿美元，出口同比增长12.7%，进口同比增长13.2%。

Hong Kong’s trade deficit widened to $34.1 billion in July 2025 from $21.9 billion in the same month last year. Exports rose 14.3% year-on-year to $446.3 billion, driven by strong growth in sales of electrical machinery and equipment (22.8%), and telecommunications and audio equipment (32.0%). Exports to Asia as a whole surged 19.3%, while shipments to non-Asian markets declined, particularly to the US (-7.6%) and the Netherlands (-42.1%). Meanwhile, imports increased 16.5% to $480.4 billion, mainly due to higher purchases of electrical machinery and related parts (21.9%), and telecommunications and audio-visual equipment (49.8%). Imports from most major suppliers recorded strong growth, led by Vietnam (+129.3%), Thailand (+33.1%), Singapore (+28.7%), and the UK (+24.8%). For the first seven months of 2025, the cumulative trade deficit reached $218.6 billion, with exports up 12.7% and imports up 13.2% compared to the same period last year.