周五，恒生指数下跌279点，跌幅1.1%，收于25388点，结束了连续五个交易日的上涨，交易员在下周重要的政治局会议前锁定了利润。市场从近四年的峰值回落，因为人们越来越怀疑北京将推出大规模刺激措施，注意力转向美中贸易谈判。两国代表团将于下周在斯德哥尔摩举行会议，在8月12日最后期限之前就延长目前的休战进行谈判。如果没有达成协议，美国出口商品的关税可能会跃升至145%，中国商品的关税将跃升至125%。跌幅较大的包括快手科技（-4.9%）、股份有限公司（-3.3%）、美团（-3.0%）和Pop-Mart国际（-2.8%）。尽管每日下跌，该指数本周仍上涨2.3%，连续第三周上涨，这得益于对西藏一个大型水电项目的乐观情绪和北京的新政策支持，包括旨在遏制过度竞争和价格战的定价法修正案草案。

The Hang Seng Index lost 279 points or 1.1% to close at 25,388 on Friday, snapping a five-session winning streak as traders locked in profits ahead of a key Politburo meeting next week. Markets pulled back from a near four-year peak amid growing skepticism that Beijing will unveil large-scale stimulus, with attention shifting to U.S.-China trade talks. Delegations from both countries are set to meet in Stockholm next week to negotiate an extension of the current truce before the August 12 deadline. Without a deal, tariffs could jump to 145% on U.S. exports and 125% on Chinese goods. Notable decliners included Kuaishou Tech (-4.9%), Akeso Inc. (-3.3%), Meituan (-3.0%), and Pop Mart Intl. (-2.8%). Despite the daily loss, the index gained 2.3% for the week—its third straight weekly advance—supported by optimism over a major hydropower project in Tibet and new policy support from Beijing, including a draft amendment to the pricing law aimed at curbing excessive competition and price wars.

香港股市周五上午下跌262点，跌幅1.0%，至25410点，为六个交易日来首次下跌，因本周早些时候市场触及近4年高点后，交易员获利回吐。在下周于斯德哥尔摩与美国举行的第三轮贸易谈判之前，人们也越来越谨慎，该谈判旨在延长将于8月12日到期的关税休战。与此同时，华尔街隔夜涨跌互现，美国劳工数据强劲后美国国债收益率上升，强化了对美联储长期保持利率的押注。大多数行业下跌，科技、消费者和金融板块领跌。早期落后者包括快手科技（-4.1%）、股份有限公司（-3.2%）和小米公司（-1.9%）。尽管如此，恒生指数仍有望连续第三周上涨，迄今为止上涨约2.4%，这得益于对西藏一个大型水电项目的乐观情绪，以及北京对关键行业的新政策支持。投资者也在等待中国即将召开的政治局会议，该会议可能为2025年下半年的经济政策定下基调。

Hong Kong stocks slipped 262 points or 1.0% to 25,410 on Friday morning, down for the first time in six sessions as traders took profits after markets hit a near 4-year top earlier in the week. Caution also mounted ahead of next week’s third round of trade talks with the U.S. in Stockholm, aimed at extending a tariff truce set to expire on August 12. Meanwhile, Wall Street ended mixed overnight, amid a rise in U.S. Treasury yields following strong U.S labor data, reinforcing bets for a prolonged Fed rate hold. Most sectors dipped, led by tech, consumers, and financials. Early laggards included Kuaishou Tech (-4.1%), Akeso Inc. (-3.2%), and Xiaomi Corp. (-1.9%). Still, the Hang Seng remains on track for a third straight weekly gain, up roughly 2.4% so far, lifted by optimism over a major hydropower project in Tibet, and fresh policy backing from Beijing for key sectors. Investors also awaited China’s upcoming Politburo meeting, which could set the tone for economic policy in H2 of 2025.

周四，恒生指数上涨129点，涨幅0.5%，收于25667点，延续了第五个交易日的强势，同时保持在2021年11月初以来的最高水平。随着全球股市继续保持上涨势头，金融和房地产股领涨，涨幅几乎广泛。人们越来越乐观地认为，在本周早些时候达成包括与日本在内的几项协议后，美国可能会寻求更多的贸易协议。在中国，股市在下周与美国在斯德哥尔摩举行的第三轮贸易谈判之前上涨，旨在延长关税休战期。然而，由于特朗普总统将于当天晚些时候访问美国央行，在即将召开的美联储政策会议之前日益紧张的局势抑制了看涨势头。与此同时，中国将在上周末公布上半年工业利润数据，此前该数据略有下降。涨幅较大的股票包括Akeso股份有限公司（6.9%）、中国宏桥（6.3%）、零点机器人（5.2%）、中信有限公司（5.6%）和Pop-Mart国际（4.1%）。

The Hang Seng rose 129 points or 0.5% to close at 25,667 on Thursday, extending strength for the fifth session while holding at its highest level since early November 2021. Gains were almost broad-based, led by financial and property stocks, as global equities continued their upward momentum. Optimism mounted that the U.S. may pursue additional trade deals after securing several pacts earlier this week, including with Japan. In China, stocks rose ahead of next week’s third round of trade talks with the U.S. in Stockholm, aimed at extending a tariff truce. However, bullish momentum was curbed by growing tensions ahead of the forthcoming Fed policy meeting, as President Trump was set to visit the U.S. central bank later in the day. Meanwhile, China will release its H1 industrial profit data over the weekend following a slight drop in the prior period. Notable gainers included Akeso Inc. (6.9%), China Hongqiao (6.3%), Horizon Robotics (5.2%), Citic Ltd. (5.6%), and Pop Mart Intl. (4.1%).

香港股市周四早盘上涨128点，涨幅0.5%，至25670点，这是第五个交易日上涨，并保持近四年来的最高水平。这一上涨是在美国和日本之间的贸易协议推动下，华尔街创纪录收盘后出现的。欧盟和美国即将达成一项贸易协议，对欧洲商品征收15%的关税，部分商品免征关税，这一消息也提振了市场情绪。在美国和中国官员计划下周在斯德哥尔摩举行会议讨论延长目前的关税休战之前，乐观情绪仍在继续。此外，有关特朗普总统可能在不久的将来访问中国以解决贸易和安全问题的报道增加了积极的基调。在中国大陆，每日股票成交量攀升至近五个月高点。然而，在即将公布的中国工业利润数据公布之前，市场的谨慎态度限制了进一步的上涨。涨幅居前的包括Akeso股份有限公司（4.7%）、CK和记黄埔（2.8%）、中芯国际（2.4%）和中信有限公司（2.2%）。

Hong Kong stocks rose 128 points or 0.5% to 25,670 in early trade on Thursday, marking the fifth session of gains and holding at their highest level in nearly four years. The advance followed record closes on Wall Street, fueled by a trade agreement between the U.S. and Japan. Sentiment was also lifted by news that the EU and U.S. are nearing a trade deal involving 15% tariffs on European goods, with exemptions for select goods. Optimism continued ahead of a planned meeting between U.S. and Chinese officials in Stockholm next week to discuss extending the current tariff truce. Additionally, reports that President Trump may visit China in the near future to address trade and security issues added to the positive tone. In mainland China, daily stock turnover climbed to near five-month highs. However, further gains were capped by caution ahead of upcoming Chinese industrial profit data. Leading gainers included Akeso Inc. (4.7%), CK Hutchison (2.8%), SMIC (2.4%), and Citic Ltd. (2.2%).