香港股市周三早盘下跌72点，跌幅0.3%，至21934点，扭转了前一交易日的小幅涨幅，因投资者对中国4月PMI数据做出反应。官方数据显示，由于对美国关税上升的影响日益担忧，工厂活动出现了16个月来最大的收缩。相比之下，一项私人调查显示，制造业出现了意外增长，尽管增速为1月以来的最低水平。与此同时，服务业的增长也有所放缓，读数低于预期。美国期货下跌进一步抑制了市场情绪，因为交易员在今天晚些时候美国主要经济数据公布之前变得谨慎，包括3月份个人消费支出价格指数（美联储首选的通胀指标）和第一季度国内生产总值的首个估计值。尽管科技、房地产和消费类股上涨，但金融股领跌。早盘跌幅较大的包括中通快递（-2.7%）、波普国际（-2.0%）、美团（-1.9%）和海底捞国际（-1.5%）。

Hong Kong shares slipped 72 points, or 0.3%, to 21,934 in early trade on Wednesday, reversing modest gains from the previous session as investors reacted to China’s April PMI data. Official figures showed factory activity contracted the most in 16 months, amid growing concerns over the impact of rising U.S. tariffs. In contrast, a private survey indicated an unexpected rise in manufacturing, though at the slowest pace since January. Meanwhile, growth in the services sector also softened, with the reading falling short of expectations. Sentiment was further dampened by a drop in U.S. futures, as traders turned cautious ahead of key U.S. economic releases later today, including the March PCE price index— the Fed’s preferred inflation gauge— and the first estimate of Q1 GDP. Financials led the losses despite gains in tech, property, and consumer stocks. Notable early decliners included ZTO Express (-2.7%), Pop Mart Intl (-2.0%), Meituan (-1.9%), and Haidilao Intl. (-1.5%).

恒生指数周二上涨36点，涨幅0.2%，收于22008点，主要得益于科技和金融股在前一交易日疲软后的强劲表现。市场下调了早盘涨幅，在周三公布的中国4月官方采购经理人指数数据之前持谨慎态度。投资者继续等待美国关税计划及其对中国潜在影响的进一步明确。北京周一推迟了新的刺激计划，但重申支持受美国关税影响的出口商和工人，并表示经济应急计划已经到位。与此同时，内地股市将于5月1日起休市，享受为期5天的劳动节假期。汽车股上涨，吉利和李汽车分别上涨3.7%和2.2%，因为特朗普总统计划放宽对外国汽车零部件的部分关税，以帮助美国汽车制造商。无锡艾普科技第一季度利润强劲，上涨4%。其他显著上涨的股票包括四川科伦生物科技（9.5%）、阿里巴巴健康（6.5%）、Trip.com（2.9%）和美团（2.8%）。与此同时，中石化在公布季度盈利疲软后下跌1.4%。

The Hang Seng rose 36 points or 0.2% to end at 22,008 on Tuesday, mainly helped by strength in tech and financials after a muted prior session. Markets trimmed early gains, amid caution ahead of April’s official PMI data in China that will be due Wednesday. Investors continued to await more clarity on U.S. tariff plans and their potential impact on China. Beijing Monday held off on new stimulus but reiterated support for exporters and workers affected by U.S. tariffs and said contingency plans for the economy are in place. Meantime, mainland markets will be closed from May 1 for a 5-day Labour Day break. Auto stocks advanced, with Geely up 3.7% and Li Auto 2.2%, as President Trump plans to ease some duties on foreign auto parts to help U.S. carmakers. Wuxi AppTec jumped 4% on strong Q1 profits. Other notable gainers included Sichuan Kelun-Biotech (9.5%), Alibaba Health (6.5%), Trip.com (2.9%), and Meituan (2.8%). Meanwhile, Sinopec fell 1.4% after reporting weaker quarterly earnings.

香港股市周二早盘上涨123点，涨幅0.6%，至22095点，从疲软的一天反弹，因美国期货小幅上涨提振市场情绪。投资者在华尔街隔夜震荡后等待更多收益报告，股市上涨。周一，中国承诺援助受美国关税影响的出口商和工人，这继续提振了人们的信心，并辅之以旨在提振整体经济的应急计划。在贸易方面，香港3月份出口同比增长18.5%，这是一年多来最强劲的增长，也是三年来的最高值，因为出口商在美国可能征收关税之前纷纷发货。然而，北京方面表示，尽管特朗普总统提出了建议，但目前没有与美国进行关税谈判，这限制了进一步的关税上涨。所有板块均上涨，科技股、消费股和房地产股领涨。表现最好的包括阿里巴巴健康（9.8%）、李汽车（5.1%）、美团（4.4%）和KE控股（3.2%）。

Hong Kong equities rose 123 points or 0.6% to 22,095 in Tuesday's morning session, rebounding from a muted day as a modest rise in U.S. futures lifted sentiment. Gains came as investors awaited more earnings reports following a volatile Wall Street session overnight. China's commitment on Monday to aid exporters and workers impacted by U.S. tariffs continued to boost confidence, complemented by contingency plans aimed at bolstering the broader economy. On the trade front, Hong Kong’s exports surged 18.5% yoy in March—the strongest growth in over a year and the highest value in three years—as exporters rushed to ship goods ahead of potential U.S. tariffs. However, further rises were capped by Beijing's remarks that no tariff talks are underway with the U.S. despite suggestions from President Trump. All sectors advanced, with tech, consumer, and property stocks leading. Top performers included Alibaba Health (9.8%), Li Auto (5.1%), Meituan (4.4%), and KE Holdings (3.2%).

继上月增长11.8%后，2025年3月对香港的进口额同比增长16.6%，达到5009亿美元。这标志着自2024年1月以来的最高进口增长，这是由于办公和自动数据处理机器（2月份为130.8%对76.3%）和有色金属（53.9%对28.2%）的采购加速。与此同时，电动机械、仪器和电器、电气零件（11.5%对16.9%）、发电机械和设备（31.1%对53.9%）以及电信和录音及音响设备（0.7%对3.1%）的到货率有所下降，而非金属矿物制品的到货率继续下降（-9.4%对-27.1%）。在贸易伙伴中，越南（95.1%）、台湾（75.8%）和马来西亚（46.9%）的进口增幅最高。尽管美国对中国商品征收关税，但进口额仍从美国反弹（2.9%），这是三个月来的首次增长。

Imports to Hong Kong surged by 16.6% year-on-year to $500.9 billion in March 2025, following an 11.8% rise in the previous month. This marked the highest import growth since January 2024, driven by an acceleration in the purchase of office & automatic data processing machines (130.8% vs 76.3% in February) and non-ferrous metals (53.9% vs 28.2%). Meanwhile, arrivals eased for electrical machinery, apparatus & appliances, electrical parts (11.5% vs 16.9%), power-generating machinery & equipment (31.1% vs 53.9%), and telecommunications & sound recording & reproducing apparatus & equipment (0.7% vs 3.1%), while they continued to decline for non-metallic mineral manufactures (-9.4% vs -27.1%). Among trading partners, imports saw the highest increases from Vietnam (95.1%), Taiwan (75.8%), and Malaysia (46.9%). Import purchases also rebounded from the United States (2.9%), marking the first growth in three months despite the imposition of US tariffs on Chinese goods.