香港10年期政府债券收益率降至2.99%，为2025年7月以来的最低水平。过去4周，香港10Y债券收益率下跌3.60个基点，最近12个月下跌0.80个基点。

HK 10 Year Government Bond Yield decreased to 2.99%, the lowest since July 2025. Over the past 4 weeks, Hong Kong 10Y Bond Yield lost 3.60 basis points, and in the last 12 months, it decreased 0.80 basis points.

恒生指数周五下跌223点，跌幅0.9%，收于24859点，在广泛下跌的情况下扭转了前四个交易日的涨幅。在8月12日中国与特朗普政府达成持久关税协议的最后期限之前，市场情绪恶化。在中国7月CPI和PPI数据将于周六公布之前，交易员也保持谨慎，预计在需求疲软和贸易风险挥之不去的生产者通货紧缩持续的情况下，消费者价格将略有下降。科技板块领跌，下跌约1.5%，受芯片制造商中芯国际在第二季度盈利令人失望后暴跌近8%的压力。其他值得注意的下跌股包括Mixue Group（-3.1%）、Trip.com（-2.3%）和金沙中国（-2.2%）。尽管如此，该指数本周仍上涨1.4%，部分从上周3.5%的跌幅中恢复过来，这得益于中国7月份乐观的贸易数据。与此同时，受即将召开的全国人大常委会会议和第二季度财报季的乐观情绪提振，内地股市徘徊在10个月高点附近。

The Hang Seng dipped 223 points or 0.9% to close at 24,859 on Friday, reversing gains from the prior four sessions amid broad-based losses. Sentiment soured ahead of the August 12 deadline for China to reach a lasting tariff deal with the Trump administration. Traders also remained cautious ahead of China’s July CPI and PPI data due Saturday, with expectations for a slight drop in consumer prices amid weak demand and continued producer deflation due to lingering trade risks. The tech sector led losses, down around 1.5%, pressured by a nearly 8% plunge in chipmaker SMIC after disappointing Q2 earnings. Other notable decliners included Mixue Group (-3.1%), Trip.com (-2.3%), and Sands China (-2.3%). Still, the index gained 1.4% for the week, partially recovering from last week’s 3.5% fall, helped by upbeat July trade data from China. Meanwhile, mainland stock markets hovered near 10-month highs, buoyed by optimism around the upcoming NPC Standing Committee meeting and Q2 earnings season.

香港股市周五早盘下跌144点，跌幅0.6%，至24936点，在广泛下跌的情况下结束了连续四天的上涨势头。在周六公布中国7月CPI和PPI数据之前，人们普遍持谨慎态度，预计消费者价格将略有下降，在持续的贸易风险下，生产者通货紧缩可能会持续存在。在本地，香港7月外汇储备降至4254亿美元的3个月低点，反映市场干预。半导体制造业在未达到第二季度利润预期后暴跌4.7%，而米高梅中国（-4.3%）和金蝶国际（-4.2%）、SITC国际（-2.5%）和Mixue集团（-2.4%）也出现了显著亏损。尽管如此，恒生指数仍有望从上周3.5%的跌幅反弹，每周上涨约1.8%。中国7月份强劲的贸易数据提振了市场情绪，出口加速，进口以一年来最快的速度增长。与此同时，特朗普总统本周早些时候表示，与中国的贸易协议即将完成

Shares in Hong Kong fell 144 points or 0.6% to 24,936 in early trade Friday, snapping a four-day winning streak amid broad-based losses. Caution prevailed ahead of China’s July CPI and PPI data due Saturday, with consumer prices expected to drop slightly and producer deflation likely to persist amid ongoing trade risks. Locally, Hong Kong’s forex reserves dropped to a 3-month low of USD 425.4 billion in July, reflecting market intervention. Semiconductor Manufacturing plunged 4.7% after missing Q2 profit estimates, while MGM China (-4.3%) and Kingdee International (-4.2%), SITC Intl. (-2.5%), and Mixue Group (-2.4%) also posted notable losses. Still, the Hang Seng is on track for a weekly gain of about 1.8%, rebounding from last week’s 3.5% drop. Sentiment was lifted by strong July trade data in China, with exports accelerating and imports rising at the fastest pace in a year. Meanwhile, President Trump indicated earlier in the week that a trade deal with China was nearing completion

香港外汇储备从上月上调的4320亿美元降至2025年7月的4254亿美元，为4月以来的最低水平。外汇储备是流通货币的5倍多，约占香港M3的37%。包括未结算外汇合约在内，7月份外汇储备资产总计4245亿美元，而2025年6月为4319亿美元。

Foreign exchange reserves in Hong Kong decreased to $425.4 billion in July 2025 from an upwardly revised $432 billion in the previous month, marking the lowest level since April. The reserves represented more than five times the currency in circulation, or about 37% of the Hong Kong dollar M3. Including unsettled foreign exchange contracts, foreign currency reserve assets totaled $424.5 billion in July, compared with $431.9 billion in June 2025.