香港股市在周五早盘交易中下跌365点，跌幅1.6%，至23211点，在美国期货疲软的情况下放弃了前一天的涨幅，对美国经济放缓、通胀风险以及与特朗普总统关税有关的司法发展的不确定性的担忧加剧，打压了市场情绪。在周末公布中国官方5月PMI数据之前，交易员也变得谨慎，尽管北京方面正在实施刺激措施，但对工厂活动疲软的担忧依然存在。尽管如此，恒生指数仍有望从上一时期的大幅下跌中反弹，实现约5%的强劲月度涨幅。香港第一季度GDP数据稳健、美中关税暂停90天、IPO活动强劲以及旅游业反弹推动了经济复苏。所有主要行业都面临压力，科技、消费和金融股领跌。跌幅较大的包括东方海外（-6.0%）、阳光光学（-4.6%）、金山软件（-4.3%）和比亚迪电子（-4.1%）。

Hong Kong stocks tumbled 365 points or 1.6% to 23,211 in Friday morning trade, giving up gains from the day before amid weak U.S. futures as growing concerns over a slowing U.S. economy, inflation risks, and uncertainty surrounding judicial developments tied to President Trump’s tariffs weighed on sentiment. Traders also turned cautious ahead of China’s official May PMI data due over the weekend, with worries persisting about weak factory activity despite ongoing stimulus from Beijing. Still, the Hang Seng is on track for a strong monthly gain of about 5%, rebounding from steep losses in the previous period. The recovery has been fueled by solid Q1 GDP figures in Hong Kong, a 90-day U.S.-China tariff pause, strong IPO activity, and a rebound in tourism. All major sectors were under pressure, with technology, consumer, and financial shares leading losses. Notable decliners included Orient Overseas (-6.0%), Sunny Optical (-4.6%), Kingsoft Corp. (-4.3%), and BYD Electronic (-4.1%).

周四，恒生指数飙升315点，收于23573点，涨幅1.4%，在美国法院裁定特朗普总统对美国贸易伙伴征收广泛关税超出其职权后，从前一天的下跌中恢复过来。尽管白宫对这一决定提出上诉，并可能将其升级到最高法院，但这一裁决让人们希望特朗普可能会缓解最高关税威胁。科技股领涨，因英伟达盈利强劲，上涨2.5%。消费股和金融股也上涨，瑞银将其2025年香港GDP增长预测从1%上调至2.2%，第一季度GDP强劲，美中关税暂停90天，IPO势头强劲，旅游业反弹。联邦公开市场委员会会议纪要显示，对与关税相关的通胀风险的担忧限制了进一步的涨幅。主要推动者包括老蒲金（7.6%）、美团（6.9%）、快手科技（4.7%）和Trip.com（3.3%）。随着中国计划改革药品定价，医药股大幅上涨，无锡生物制品上涨9.8%，信达生物制品上涨3.1%。

The Hang Seng surged 315 points or 1.4% to close at 23,573 on Thursday, recovering from the prior day’s drop after a U.S. court ruled that President Trump exceeded his authority by imposing broad tariffs on U.S. trade partners. Although the White House appealed the decision and could escalate it to the Supreme Court, the verdict raised hopes that Trump might ease the highest tariff threats. Tech stocks led gains, up 2.5% on strong earnings from Nvidia. Consumer and financial stocks also advanced, lifted by UBS raising its 2025 Hong Kong GDP growth forecast to 2.2% from 1%, amid robust Q1 GDP, a 90-day US-China tariff pause, strong IPO momentum, and a rebound in tourism. Further gains were capped by FOMC minutes showing concerns over inflation risks linked to tariffs. Key movers included Laopu Gold (7.6%), Meituan (6.9%), Kuaishou Tech (4.7%), and Trip.com (3.3%). Pharma stocks jumped as China plans to reform drug pricing, with Wuxi Biologics surging 9.8% and Innovent Biologics up 3.1%.

香港股市在周四早盘上涨98点，涨幅0.4%，至23360点，从前一交易日的下跌中反弹。科技股、消费股和金融股领涨，涨幅几乎广泛。在联邦法院阻止唐纳德·特朗普总统的“解放日”关税后，美国期货强劲反弹，市场情绪有所改善。预计华盛顿将提出上诉。本周早些时候，穆迪将香港的信贷前景从“负面”上调至“稳定”，称尽管全球贸易面临不利影响，但信贷状况仍有弹性。然而，在周末公布中国官方5月PMI数据之前，涨幅有限，尽管正在进行刺激，但对工厂活动疲软的担忧挥之不去。医药股上涨，无锡生物制药上涨7.3%，中生制药上涨1.4%，中海壳牌制药上涨1.3%，此前有报道称中国将改革其定价和采购信用评估体系。快手科技股价上涨近3%，但因乐观的盈利前景和较低的估值而收窄涨幅。

Hong Kong shares rose 98 points or 0.4% to 23,360 in early Thursday trade, rebounding from the previous session’s decline. Gains were almost broad-based, led by tech, consumer, and financials. Sentiment improved following a strong rally in U.S. futures after a federal court blocked President Donald Trump’s “Liberation Day” tariffs. Washington is expected to appeal. Earlier this week, Moody’s upgraded Hong Kong’s credit outlook to “stable” from “negative,” citing a resilient credit profile despite global trade headwinds. However, gains were limited ahead of China’s official May PMI data, due over the weekend, amid lingering concerns over weak factory activity despite ongoing stimulus. Pharmaceutical stocks rallied, with Wuxi Biologics up 7.3%, Sino Biopharma 1.4%, and CSPC Pharma 1.3%, following reports that China will revamp its pricing and procurement credit evaluation system. Kuaishou Tech rose nearly 3% before paring gains on an upbeat earnings outlook and low valuation.

香港股市周三上午下跌59点，跌幅0.2%，至23324点，扭转了前一交易日因金融和科技股下跌而上涨的局面。由于中国的通货紧缩风险，交易员保持谨慎，尽管一些投资银行在与美国达成贸易休战后提高了增长和出口预测。随着比亚迪公司对十几款车型推出新的折扣，中国汽车行业的价格战不断深化，市场情绪也受到打击。市场焦点现在转向即将公布的5月中国大陆官方采购经理人指数数据，对工厂活动疲软的担忧挥之不去。尽管如此，在美国总统特朗普宣布暂停关税后，华尔街隔夜反弹帮助限制了进一步的损失，消费者信心意外飙升。与此同时，穆迪将香港的信贷前景从“负面”上调至“稳定”，称其信贷状况在全球贸易不利的情况下仍具有弹性。早期跌幅较大的公司包括Pop-Mart International（-4.4%）、Mixue Group（-3.9%）、中芯国际（-2.2%）和联想集团（-1.2%）。

Hong Kong shares fell 59 points or 0.2% to 23,324 on Wednesday morning, reversing prior session gains amid losses in financial and tech stocks. Traders stayed cautious due to deflation risks in China, despite some investment banks raising growth and export forecasts following a trade truce with the U.S. Sentiment was also hit by a deepening price war in China’s auto sector, as BYD Co. rolled out fresh discounts on over a dozen models. Market focus now turns to upcoming May official PMI data in the mainland, with concerns over weak factory activity lingering. Still, an overnight rally on Wall Street helped limit further losses after U.S. President Trump announced a tariff pause, and consumer confidence unexpectedly jumped. Meanwhile, Moody’s upgraded Hong Kong’s credit outlook to “stable” from “negative,” citing its resilient credit profile despite global trade headwinds. Notable early losers included Pop Mart Intl. (-4.4%), Mixue Group (-3.9%), SMIC (-2.2%), and Lenovo Group (-1.2%).