香港股市在周二早盘下跌98点，跌幅0.4%，至25734点，结束了华尔街因交易员权衡美国总统特朗普的关税威胁而收低后的两天涨势。据报道，特朗普警告称，如果中国限制稀土磁铁出口，将对中国征收“200%的关税或其他什么”，并誓言对针对美国大型科技公司的国家进行报复，称此类举措“具有歧视性”。恒生指数从近四年来的最高点回落，因为在中国1月至7月的工业利润数据公布之前，人们越来越谨慎，贸易摩擦、需求疲软和恶劣天气影响了市场情绪。尽管如此，由于流动性驱动的收益和人工智能的乐观情绪，中国内地市场的强势限制了损失，本月迄今已上涨近10%。在上海，当局取消了对首次购房者的房产税，并放宽了郊区购房限制。所有板块均下跌，房地产和科技板块领跌，海底捞（-3.2%）、KE-Hlds领跌。（-3.5%）、创新科技（-3.1%）和中芯国际（-2.3%）是跌幅最大的公司。

Hong Kong stocks fell 98 points, or 0.4% to 25,734 in Tuesday morning’s session, snapping a two-day rally after Wall Street closed lower as traders weighed U.S. President Trump’s tariff threats. Trump reportedly warned of “200% tariffs or something” on China if it limits rare-earth magnet exports, and vowed retaliation against countries targeting U.S. Big Tech, calling such moves “discriminatory.” The Hang Seng pulled back from its highest in almost four years as caution grew ahead of China’s January–July industrial profit data, with sentiment weighed by trade frictions, weak demand, and adverse weather. Still, losses were capped by strength in mainland markets, up near 10% so far this month on liquidity-driven gains and AI optimism. In Shanghai, authorities scrapped property taxes for first-home buyers and eased suburban purchase limits. All sectors fell, led by property and tech, with Haidilao (-3.2%), KE Hlds. (-3.5%), Innovent (-3.1%), and SMIC (-2.3%) among top losers.

恒生指数周一飙升491点，收于25830点，涨幅1.9%，延续了第二个交易日的涨幅，达到2021年10月以来的最高点。在劳动力需求疲软的情况下，美国降息的前景推动了股市的广泛反弹。在中国，本月迄今为止，由于流动性驱动的激增，股市上涨了近10%。与此同时，中国人民银行今天向金融体系净注入4657亿元人民币，这是自7月下旬以来的最大单日增量，以保持充足的资金条件。科技指数在英伟达盈利之前和DeepSeek推出由中国芯片支持的升级型号后上涨了3%以上。消费者、房地产和金融股也上涨，因为上海取消了对符合条件的首次购房者的房产税，并放宽了郊区的购房限制。然而，在中国1月至7月工业利润数据公布之前的谨慎态度限制了进一步的涨幅。排名靠前的包括KE-Hlds。（5.6%），银河娱乐。（5.3%）、联想（3.9%）、美团（3.0%）和腾讯（2.4%）。

The Hang Seng surged 491 points or 1.9% to close at 25,830 on Monday, extending gains for the second session and reaching its highest since October 2021. The rally was broad-based, boosted by the prospects of U.S. rate cuts amid weakening labor demand. In China, stock markets climbed nearly 10% so far this month on a liquidity-driven surge. Meanwhile, the PBoC today injects a net CNY 465.7 billion into the financial system, its largest daily addition since late July, to keep funding conditions ample. The Tech Index jumped over 3% ahead of Nvidia’s earnings and after DeepSeek launched its upgraded model, backed by Chinese chips. Consumer, property, and financial shares also gained as Shanghai scrapped property taxes for eligible first-home buyers and eased purchase limits in suburban areas. However, caution before China’s January–July industrial profit data capped further gains. Top movers included KE Hlds. (5.6%), Galaxy Ent. (5.3%), Lenovo (3.9%), Meituan (3.0%), and Tencent (2.4%).

香港股市周一早盘飙升495点，至25836点，涨幅近2%，延续了第二个交易日的涨幅，达到近四年来的最高水平。周五，美联储主席杰罗姆·鲍威尔在杰克逊霍尔表示，在劳动力市场疲软的情况下，降息可能是合理的，随后华尔街上涨。基础广泛的上涨提振了市场，恒生科技指数上涨超过2.5%，这是由于DeepSeek推出了由国产芯片支持的升级版V3型号后，人们对人工智能重新持乐观态度。消费者、房地产和金融类股也上涨，此前新华社报道称，中国人民银行今天将通过其一年期多边基金注入6000亿元人民币，以维持国内流动性。尽管如此，在上半年疲软后，中国1月至7月工业利润数据公布之前，市场仍保持谨慎，而香港7月贸易数据也将于本周公布。排名靠前的包括华润置地（4.1%）、中芯国际（3.8%）、快手科技（3.3%）、美团（3.2%）和腾讯总部。 (2.6%).

Hong Kong shares soared 495 points or nearly 2% to 25,836 on Monday morning deals, extending gains for the second session and hitting their highest level in almost four years. The rally followed Wall Street’s advance on Friday after Fed Chair Jerome Powell signaled at Jackson Hole that rate cuts may be warranted amid a weakening labor market. Broad-based gains lifted the market, with the Hang Seng Tech Index climbing over 2.5% on renewed AI optimism after DeepSeek unveiled its upgraded V3 model, supported by domestic chips. Consumer, property, and financial stocks also climbed after Xinhua reported that the PBoC today would inject CNY 600 billion through its one-year MLF to sustain domestic liquidity. Still, caution lingered ahead of China’s January–July industrial profit data following H1 weakness, while Hong Kong’s July trade figures are also due this week. Top movers included China Resources Land (4.1%), SMIC (3.8%), Kuaishou Tech. (3.3%), Meituan (3.2%), and Tencent Hlds. (2.6%).

香港50指数升至25767.00点，为2021年10月以来的最高点。过去4周，香港股市指数（HK50）上涨0.77%，过去12个月上涨44.73%。

HK50 increased to 25767.00 Index Points, the highest since October 2021. Over the past 4 weeks, Hong Kong Stock Market Index (HK50) gained 0.77%, and in the last 12 months, it increased 44.73%.