周三，恒生指数下跌323点，跌幅1.3%，收于25202点，扭转了早盘涨幅，标志着连续第二天下跌，因各行业遭遇抛售。据报道，由于最近内地股市飙升带来的风险越来越大，几家中国券商和基金经理限制了融资和有限的购买，市场情绪开始恶化。周二，中国交易所的交易量突破3.1万亿元人民币，创历史第二高。在英伟达今天晚些时候的收益和周五的个人消费支出指数公布之前，投资者也越来越谨慎。在数据方面，中国7月份的工业利润同比下降1.5%，较6月份的4.3%有所放缓，但2025年前7个月的利润下降了1.7%。KE Holdings下跌6.9%，紧随其后的是汉生制药（-5.6%）、普玛特国际（-4.5%）、快手科技（-3.6%）和美团（-2.9%）。Mixue Group在取消中期股息后下跌5.2%，而中国运动服李宁因大幅折扣带来的利润率压力下跌5.3%。

The Hang Seng tumbled 323 points or 1.3% to close at 25,202 on Wednesday, reversing early gains and marking the second day of losses as selling hit across sectors. Sentiment turned sour after several Chinese brokerages and fund managers reportedly curbed financing and limited purchases amid growing risks from the recent surge in mainland stocks. Trading volumes on China’s exchanges topped CNY 3.1 trillion on Tuesday, the second highest on record. Investors are also increasingly cautious ahead of Nvidia’s earnings later today and Friday’s PCE index. On the data front, China’s industrial profits fell 1.5% yoy in July, slowing from a 4.3% drop in June, but profits were down 1.7% during the first seven months of 2025. KE Holdings slumped 6.9%, followed by Hansoh Pharma (-5.6%), Pop Mart Intl. (-4.5%), Kuaishou Tech (-3.6%), and Meituan (-2.9%). Mixue Group sank 5.2% after scrapping its interim dividend, while Chinese sportswear Li Ning dipped 5.3% on margin pressure from steep discounting.

香港10年期政府债券收益率升至3.12%，为2025年7月以来的最高水平。过去4周，香港10Y债券收益率上涨0.70个基点，最近12个月上涨18.40个基点。

HK 10 Year Government Bond Yield increased to 3.12%, the highest since July 2025. Over the past 4 weeks, Hong Kong 10Y Bond Yield gained 0.70 basis points, and in the last 12 months, it increased 18.40 basis points.

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%).