香港股市周三早盘下跌280点，跌幅1.3%，至20522点，在板块下跌的情况下，部分抵消了前一交易日的涨幅。

Equities in Hong Kong tumbled 280 points or 1.3%, to 20,522 in early trade on Wednesday, partially giving up gains from the previous session amid sector-wide declines.

标普全球香港特别行政区PMI在2025年1月为51.0，与12月的51.1几乎没有变化。这是连续第四个月出现正面读数，新订单小幅增长，增速远低于去年10月的18个月峰值。与此同时，出口销售连续第三个月下降，来自大陆的新需求出现了自2022年4月以来的最大萎缩。与此同时，人员配备水平上升，标志着过去九个月就业人数的第二次增加。然而，三个月来首次出现工作积压。由于库存策略更加谨慎，购买水平自9月以来最低。由于运输延误和缺乏备用产能，交货时间延长了六个月。在成本方面，由于原材料价格稳步上涨，投入价格通胀达到3个月以来的最高点。与此同时，刺激需求的努力导致价格再次小幅下跌。最后，尽管该指数从11月的13个月低点小幅上升，但市场情绪仍然悲观。

The S&P Global Hong Kong SAR PMI stood at 51.0 in January 2025, barely changing from 51.1 in December. It was the fourth straight month of positive reading, as new orders rose marginally, growing much softer than the 18-month peak last October. Meanwhile, export sales fell for the third month, with new demand from the mainland shrank the most since April 2022. Simultaneously, staffing levels rose, marking the second increase in employment in the past nine months. However, backlogs of work for the first time in three months. Buying levels went up the least since September due to more cautious inventory strategies. Delivery time lengthened for the sixth month amid shipping delays and a lack of spare capacity. On the cost side, input price inflation hit a 3-month top on a solid rise in raw material prices. Meanwhile, efforts to stimulate demand led to another slight fall in prices charged. Finally, sentiment remained downbeat despite the reading edging up from a 13-month low in November.

周二，恒生指数飙升573点，涨幅2.8%，收于20790年近两个月来的最高点，交易员们对中美之间互惠关税的消息不屑一顾。中国财政部表示，随着华盛顿的新关税生效，北京方面采取行动，从2月10日开始对美国煤炭和液化天然气征收15%的关税，对原油、农业设备和某些汽车征收10%的关税。此外，中国监管机构对谷歌涉嫌反垄断行为展开了调查。在为期一周的农历假期后，周三内地股市恢复交易，进一步提振了市场情绪。香港科技指数上涨5%，创业公司DeepSeek推出了一款具有成本效益的大型语言模型后，投资者涌入人工智能股票。电动汽车行业也出现反弹，XPeng在报告1月份智能电动汽车交付量增长近三倍后飙升12.3%。吉利汽车上涨7.7%，半导体制造飙升8.5%。美团和小米公司也分别飙升6.0%和4.2%。

The Hang Seng surged 573 points or 2.8% to close at its highest in nearly two months of 20,790 on Tuesday, as traders shrugged off news of reciprocal tariffs between China and the US. As Washington's new tariffs took effect, Beijing moved with levies of 15% on US coal and LNG and 10% on crude oil, farm equipment, and certain autos, set to begin on Feb. 10, China’s finance ministry said. In addition, Chinese regulators launched a probe into Google over alleged anti-monopoly practices. Sentiment was further lifted by the resumption of mainland trading Wednesday after a week-long Lunar break. The Hong Kong tech index jumped by 5% as investors poured into AI stocks after startup DeepSeek unveiled a cost-effective large language model. The EV sector also rallied, with XPeng soaring 12.3% after reporting an almost threefold rise in January smart EV deliveries. Geely Auto climbed 7.7%, while Semicon Manufacturing surged 8.5%. Meituan and Xiaomi Corp. also surged 6.0% and 4.2%, respectively.

香港股市在周二早盘上涨460点，涨幅2.3%，至近8周高点20674点，前一天收盘时表现疲软。特朗普总统与加拿大和墨西哥领导人达成协议，将关税搁置至少一个月后，美国期货价格上涨，推动了这一激增。与此同时，中国正准备向世界贸易组织投诉，以避免特朗普政府实施的关税上调和技术限制。2024年第四季度，该市经济同比增长2.4%，高于第三季度的1.9%，略高于2.3%的预测。各行业普遍上涨，科技股上涨近4%，消费者上涨近3%。一家私人调查公司周一的数据限制了进一步的增长，该数据显示，中国的工厂活动是自1月10月以来增长最慢的。小米公司股价上涨4.9%，紧随其后的是李汽车（4.6%）、海底捞国际（3.9%）、吉利汽车（3.7%）和半导体制造（2.6%）。

Hong Kong's stocks surged 460 points or 2.3% to a near 8-week high of 20,674 during the Tuesday morning session, following a muted close the prior day. The surge was boosted by a rise in US futures after President Trump and leaders of Canada and Mexico reached a deal to put tariffs on hold for at least a month. Meanwhile, China is preparing to complain to the World Trade Organization to avoid tariff hikes and tech curbs imposed by the Trump administration. Locally, the city's economy grew by 2.4% yoy in Q4 2024, accelerating from a 1.9% rise in Q3 and slightly surpassing forecasts of 2.3%. Gains were widespread across sectors, with tech leading at nearly 4%, and consumers adding almost 3%. Limiting further increases were Monday's data from a private survey company that showed factory activity in China grew the least since October in January. Xiaomi Corp. jumped 4.9%, followed by Li Auto (4.6%), Haidilao Intl. (3.9%), Geely Auto (3.7%), and Semiconductor Manufacturing (2.6%).