恒生指数周二飙升408点，收于25538点，涨幅1.6%，连续第四个交易日上涨，达到近四年来的最高水平。这一激增是由广泛的行业增长和乐观情绪推动的，因为美国和中国官员计划下周在斯德哥尔摩举行会议，这是他们旨在延长关税休战的第三轮会谈。在特朗普总统宣布与日本达成贸易协议，包括对包括汽车在内的所有商品征收15%的关税后，美国期货的强劲上涨也提振了市场情绪。北京努力遏制激烈的价格战和西藏的一个大型水电大坝项目，加剧了看涨情绪。与此同时，据报道，中国股市的日成交量升至近五个月高点，而保证金融资达到近四个月来的最高点。科技股指数上涨2.5%，紧随其后的是消费股和金融股。表现最好的包括快手科技（7.0%）、腾讯（4.9%）、金蝶国际软件（4.4%）和美团（3.0%）。

The Hang Seng surged 408 points or 1.6% to close at 25,538 on Tuesday, rising for the fourth session and reaching its highest level in almost four years. The upsurge was driven by broad-based sector gains and optimism ahead of a planned meeting between U.S. and Chinese officials in Stockholm next week—their third round of talks aimed at extending a tariff truce. A strong rise in U.S. futures also boosted sentiment after President Trump announced a trade deal with Japan that includes a 15% tariff on all goods, including autos. Adding to bullish sentiment were Beijing’s efforts to curb intense price wars and a massive hydropower dam project in Tibet. Meantime, daily turnover in China’s equity markets reportedly rose to near five-month highs, while margin financing hit its highest in nearly four months. The tech index jumped 2.5%, followed by consumer and financial shares. Top performers included Kuaishou Tech (7.0%), Tencent (4.9%), Kingdee Intl. Software (4.4%), and Meituan (3.0%).

香港股市周二早盘上涨130点，涨幅0.5%，至25264点，连续第四个交易日上涨，同时保持2021年11月以来的最高水平。在特朗普总统宣布与日本达成涉及15%关税的贸易协议后，美国期货价格显著上涨，所有板块均上涨。与此同时，受西藏1700亿美元水电项目的启动、美中贸易紧张局势的缓解以及北京对机械、汽车和电气设备等关键行业的新政策支持的推动，内地市场也创下3年半以来的新高。投资者也在本月晚些时候中国即将召开的政治局会议之前做好了准备，预计该会议将影响今年剩余时间的经济政策。Genscript Biotech在预测今年上半年将恢复盈利后，股价飙升5.8%。其他涨幅最大的股票包括中信有限公司（2.5%）、创新生物（2.3%）、太创工业（2.1%）和腾讯控股（1.6%）。

Hong Kong shares rose 130 points or 0.5% to 25,264 on Tuesday morning deals, extending gains for the fourth straight session while staying at their highest level since November 2021. All sectors advanced, supported by a notable rise in U.S. futures after President Trump announced a trade deal with Japan involving a 15% tariff. Meanwhile, mainland markets also notched to a 3-1/2-year high, driven by the launch of a $170 billion hydropower project in Tibet, easing U.S.-China trade tensions, and fresh policy support from Beijing for key sectors including machinery, autos, and electrical equipment. Investors also positioned ahead of China’s upcoming Politburo meeting later this month, which is expected to shape economic policy for the remainder of the year. Genscript Biotech surged 5.8% after forecasting a return to profit in the first half of the year. Other top gainers included Citic Ltd. (2.5%), Innovent Biologics (2.3%), Techtronic Industries (2.1%), and Tencent Holdings (1.6%).

恒生指数周一上涨136点，收于25130点，涨幅0.5%，扭转了早盘的疲软局面，第三个交易日收高，房地产和消费类股领涨。该指数创下2021年11月以来的最高点，此前中国宣布在西藏开始建设一座价值1700亿美元的水电站大坝，提振了人们对基础设施相关行业的信心。受此消息影响，房地产股上涨1.3%，而消费者股小幅上涨，有迹象表明中美贸易紧张局势有所缓解，北京方面推动吸引长期资本进入股市，以及支持机械、汽车和电气设备等关键行业的新措施。与此同时，美国期货在本周主要科技股盈利之前小幅上涨。长江和记黄埔股价上涨2.5%，达到4个半月以来的最高点，据报道，中国远洋海运正考虑加入一个收购李海外港口的全球财团。其他上涨股包括中国重汽有限公司（8.0%）、中国宏桥（3.7%）、中芯国际（2.8%）和太电子工业。 (2.6%).

The Hang Seng rose 136 points or 0.5% to finish at 25,130 on Monday, reversing early weakness and ending higher for the third session, led by property and consumer stocks. The index hit its highest since November 2021 after China announced the start of construction on a $170 billion hydropower dam in Tibet, boosting confidence in infrastructure-related sectors. Property stocks climbed 1.3% on the news, while consumer shares advanced modestly amid signs of easing Sino-U.S. trade tensions, Beijing’s push to attract long-term capital into equities, and fresh measures to support key industries like machinery, autos, and electrical equipment. Meantime, U.S. futures edged higher ahead of major tech earnings this week. CK Hutchison jumped 2.5% to a 4-1/2-month top, as China COSCO Shipping reportedly eyes joining a global consortium acquiring Li Ka-shing’s overseas ports. Other notable gainers included Sinotruk Ltd. (8.0%), China Hongqiao (3.7%), SMIC (2.8%), and Techtronic Inds. (2.6%).

香港股市在周二早盘下跌82点，跌幅0.3%，至24916点，结束了两天的涨势，在恒生指数前一交易日创下3-1/2年新高后，投资者获利回吐。在8月1日关税最后期限之前，人们也开始谨慎行事，据报道，随着与华盛顿达成协议的希望越来越小，欧盟正在探索更广泛的反制措施。华尔街标准普尔500指数和纳斯达克指数创下历史新高，部分抵消了损失，这是由于对主要科技公司盈利的乐观情绪所驱动的。在当地，尽管电力补贴有所减少，但香港的年通胀率在6月份跌至1.4%的三个月低点。核心通胀率稳定在1.0%，政府发言人指出，国内外价格压力预计将在短期内得到广泛控制。大多数行业交易走低，金融和科技股领跌。早期落后者包括地平线机器人（-3.0%）、力汽车（-2.4%）、斯莫尔控股（-2.3%）和中国银行香港（-2.0%）。

Hong Kong stocks slipped 82 points or 0.3% to 24,916 during Tuesday’s morning session, snapping two-day strength as investors took profits after the Hang Seng hit a 3-1/2-year high in the prior session. Caution also set in ahead of the August 1 tariff deadline, with the EU reportedly exploring broader countermeasures as hopes for a deal with Washington diminish. Losses were partially offset by record highs on Wall Street’s S&P 500 and Nasdaq, driven by optimism ahead of major tech earnings. Locally, Hong Kong’s annual inflation rate hit to a three-month low of 1.4% in June, despite reduced electricity subsidies. Core inflation remained steady at 1.0%, with a government spokesperson noting that domestic and external price pressures are expected to stay broadly contained in the near term. Most sectors traded lower, led by falls in financial and tech stocks. Early laggards included Horizon Robotics (-3.0%), Li Auto (-2.4%), Smoore Holdings (-2.3%), and Bank of China Hong Kong (-2.0%).