周二上午，香港股市下跌487点，跌幅2.0%，至23417点，扭转了前一交易日的涨幅，原因是担心美国经济衰退风险和中国通缩威胁。与此同时，标普全球警告称，在经济增长放缓的情况下，北京的刺激措施可能无法完全抵消美国新关税的影响。另外，美国期货价格下跌，此前美联储Bostic预计今年仅降息一次，理由是关税问题导致通胀上升。为了遏制进一步的损失，中国政府今年承诺采取更积极的宏观政策。与此同时，特朗普总统表示，一些国家可能免除计划中的互惠关税。所有行业均下跌，科技、消费者和金融板块跌幅最大。美团股价下跌3.4%，此前盈利略有下滑。小米股价下跌5.4%，此前该公司在一次大规模股票发行中筹集了55亿美元，花旗银行对短期稀释持谨慎态度。电动汽车股也出现下滑，包括比亚迪电子（-9.0%）、吉利汽车（-4.2%）和李汽车（-3.8%）。

Shares in Hong Kong slumped 487 points or 2.0% to 23,417 on Tuesday morning, reversing gains from the prior session amid concerns over U.S. recession risks and China’s deflation threat. Meantime, S&P Global warned that Beijing’s stimulus efforts may not fully offset the impact of new U.S. tariffs amid slowing growth. Separately, U.S. futures drifted lower after Fed Bostic projected only one rate cut this year, citing rising inflation due to tariff concerns. Capping further losses, the Chinese government pledged more proactive macro policies this year. Meanwhile, President Trump signaled potential exemptions from planned reciprocal tariffs for some nations. All sectors dipped, with tech, consumers, and financials declining the most. Meituan fell 3.4% after a slight earnings miss. Xiaomi tumbled 5.4% after raising $5.5B in an upsized share sale, with Citi cautioning about short-term dilution. EV stocks also slid, including BYD Electronic (-9.0%), Geely Auto (-4.2%), and Li Auto (-3.8%).

恒生指数周一上涨216点，涨幅0.9%，收于23905点，从上午的低迷中反弹。在特朗普总统暗示其互惠关税计划在4月2日最后期限之前可能具有“灵活性”后，美国期货价格强劲上涨。与此同时，美联储主席鲍威尔上周淡化了关税的长期影响，缓解了投资者的担忧。市场对李强总理再次承诺采取更积极的宏观经济政策表示欢迎。与此同时，中国央行重申了在今年晚些时候“适当的时候”下调银行存款准备金率和利率以支持复苏的计划。摩根士丹利将2025年中国GDP增长预测上调50个基点至4.5%，理由是刺激措施对地方政府和消费的支持，这增加了乐观情绪。大多数行业上涨，科技股、消费股和金融股领涨。表现最好的公司包括浙江利浦汽车（4.8%）、小米公司（3.9%）、CK和记黄埔。（3.8%）和半导体制造（2.9%）。

The Hang Seng climbed 216 points or 0.9% to finish at 23,905 on Monday, rebounding from a subdued morning session. The rally followed strong gains in U.S. futures after President Trump hinted at possible “flexibility” in his reciprocal tariff plan ahead of the April 2 deadline. Meanwhile, Fed Chair Powell last week downplayed the long-term impact of the tariffs, easing investor concerns. Markets welcomed Premier Li Qiang’s renewed pledge for more proactive macroeconomic policies. Meantime, the PBoC reiterated plans to cut banks' RRR and interest rates at an "appropriate time" later this year to support the recovery. Adding to the optimism, Morgan Stanley raised its 2025 China GDP growth forecast by 50bps to 4.5%, citing stimulus-driven support for local governments and consumption. Most sectors advanced, led by tech, consumer, and financial stocks. Top performers included Zhejiang Leapmotor (4.8%), Xiaomi Corp. (3.9%), CK Hutchison Hlds. (3.8%), and Semicon Manufacturing (2.9%).

香港股市周一早盘几乎没有变化，在前两个交易日大幅下跌后稳定在23686点左右。房地产和金融类股走弱，而科技股和消费类股的上涨提供了一些支撑。交易员们谨慎地接近特朗普总统即将到来的4月2日互惠关税最后期限，希望在这一轮征税中采取更有针对性的方法。在本地方面，数据显示，香港在2024年第四季度的经常账户盈余从去年同期的615亿港元激增至963亿港元，这是由于服务账户和初级收入的盈余增加所致。

Hong Kong shares were little changed in early trading on Monday, stabilizing around 23,686 after sharp losses in the previous two sessions. Property and financial stocks weakened, while gains in tech and subdued consumer stocks provided some support. Traders approached President Trump's upcoming April 2 deadline for reciprocal tariffs with caution, hoping for a more targeted approach in this round of levies. On the local front, data revealed that Hong Kong's current account surplus surged to HKD 96.3 billion in Q4 2024, up from HKD 61.5 billion a year earlier, driven by higher surpluses in both the services account and primary income.

香港经常账户盈余从上年同期的615亿港元扩大至2024年第四季度的963亿港元。商品账户赤字从2023年第四季度的69亿港元降至54亿港元，而服务账户盈余从283亿港元增至343亿港元。此外，2024年第四季度，主要收入盈余从一年前的449亿港元显著增至621亿港元。与此同时，二级收入缺口从49亿港元扩大到55亿港元。

Hong Kong’s current account surplus widened to HKD 96.3 billion in the fourth quarter of 2024 from HKD 61.5 billion in the corresponding period of the previous year. The goods account deficit decreased to HKD 5.4 billion from HKD 6.9 billion in Q4 of 2023, while the services account surplus increased to HKD 34.3 billion from 28.3 billion. In addition, primary income surplus went up notably to HKD 62.1 billion in Q4 of 2024 from HKD 44.9 billion a year earlier. Meanwhile, secondary income shortfall widened to HKD 5.5 billion from HKD 4.9 billion.