周四，恒生指数下跌363点，收于26545点，跌幅1.4%，扭转了早盘涨幅，因内地市场大幅下跌，市场情绪转差。中国人民银行今天表示没有放松货币政策的紧迫性，使其七天反向回购利率保持在1.4%不变后，压力越来越大。这引发了人们的猜测，即北京可能会将新的刺激计划推迟到明年。在美国，美联储如预期般下调了基准利率，美联储主席鲍威尔称之为“风险管理下调”，同时预计今年将再降息两次，2026年再降息一次，2027年一次，以及2028年不降息。在香港股市在周五Trump-Xi就TikTok的美国所有权协议发出呼吁之前创下四年新高后，盈利也受到影响。跌幅广泛，房地产、金融和消费类股领跌。东方电气香港股价下跌3.1%。TransThera Sciences（-12.3%）、吉利汽车（-4.8%）、山东高速（-4.3%）和老蒲黄金（-3.6%）也出现了严重亏损。

The Hang Seng tumbled 363 points or 1.4% to close at 26,545 on Thursday, reversing early gains as sentiment turned sour amid a sharp drop in mainland markets. Pressure mounted after the PBoC today signaled no urgency to ease monetary policy, leaving its seven-day reverse repo rate unchanged at 1.4%. This fueled bets that Beijing may delay fresh stimulus until next year. In the US, the Fed lowered its benchmark rate as expected, with Chair Powell calling it a “risk management cut” while projecting two more reductions this year, another in 2026, one in 2027, and none in 2028. Profit-taking also weighed, after Hong Kong markets hit a four-year high ahead of Friday’s Trump-Xi call on TikTok’s US ownership deal. Losses were broad-based, led by property, financials, and consumer stocks. Dongfang Electric Hong Kong plunged 3.1% on a discounted share sale. Deep losses were also observed for TransThera Sciences (-12.3%), Geely Auto (-4.8%), Shandong Hi-Speed (-4.3%), and Laopu Gold (-3.6%).

香港股市周四上午上涨44点，涨幅0.2%，至26954点，连续第二个交易日上涨，并保持近四年高点。美联储9个月来首次降息25个基点，并表示今年将再降息两次，理由是劳动力市场存在通胀风险，市场情绪进一步改善。香港金融管理局紧随其后，将借贷成本降至4.5%，为2022年11月以来的最低水平。首席执行官俞宗怡表示，此举应支持房地产和更广泛的经济。科技股领涨，此前据报道，北京方面下令各公司停止购买英伟达芯片，以减少对美国硬件的依赖，并促进国内替代品。在行政长官John Lee在2025年的施政报告中承诺促进投资、旅游和创新后，消费者股也走强。中芯国际股价上涨5.6%，达到2004年以来的最高点，而百度则因人工智能的进步而飙升11%。其他显著的推动因素包括中国龙源电力（5.0%）、Pop-Mart（3.4%）和中国铁塔（2.8%）。

Hong Kong stocks added 44 points or 0.2% to 26,954 on Thursday morning, advancing for the second session and holding near four-year highs. Sentiment improved further after the Fed cut rates by 25bps for the first time in nine months and signaled two more reductions this year, citing labor market risks over inflation. The Hong Kong Monetary Authority followed, lowering borrowing costs to 4.5%, the lowest since November 2022. Chief Executive Eddie Yue said the move should support property and the wider economy. Tech stocks led the strength after Beijing reportedly ordered firms to halt Nvidia chip purchases to cut reliance on US hardware and foster domestic alternatives. Consumer shares also firmed after Chief Executive John Lee pledged to boost investment, tourism, and innovation in his 2025 policy address. SMIC jumped 5.6% to its highest since 2004, while Baidu surged 11% on AI progress. Other notable movers included China Longyuan Power (5.0%), Pop Mart (3.4%), and China Tower (2.8%).

9月18日，香港金融管理局（金管局）将基准利率下调25个基点至4.5%，此前美联储自2024年12月以来首次降息，并表示将在年底前进一步宽松。由于香港与美元挂钩，金管局必须密切配合美联储的政策。首席执行官俞宗怡表示，此举应支持房地产市场和更广泛的经济。与此同时，最近本币的波动已经促使干预措施通过出售美元来捍卫盯住汇率制度。削减之际，香港面临着喜忧参半的前景：政府警告称，贸易政策的不确定性可能会影响投资和跨境贸易，但受旅游业和出口的推动，2025年第一季度经济同比增长3.1%。尽管如此，金管局仍敦促家庭和企业在房地产、投资和借贷决策方面保持谨慎，理由是随着全球货币环境的演变，利率有进一步波动的风险。

The Hong Kong Monetary Authority (HKMA) cut its base rate by 25bps to 4.5% on September 18, after the US Federal Reserve delivered its first rate reduction since December 2024 and signaled further easing through year-end. With the Hong Kong dollar pegged to the US dollar, the HKMA must closely follow Fed policy. Chief Executive Eddie Yue said the move should support the property market and broader economy. Meanwhile, recent volatility in the local currency has already prompted interventions to defend the peg through dollar sales. The cut comes as Hong Kong faces a mixed outlook: the government has warned that trade policy uncertainty could weigh on investment and cross-border trade, yet the economy expanded 3.1% year-on-year in Q1 2025, driven by tourism and exports. Still, the HKMA urged households and businesses to stay cautious in property, investment, and borrowing decisions, citing the risk of further interest rate swings as global monetary conditions evolve.

周三，恒生指数上涨470点，涨幅1.8%，收于26908点，较前一交易日的低迷收盘有所回升，触及2021年7月中旬以来的最高水平，因为人们普遍预计美联储将在今天晚些时候降息，今年可能会进一步放松。科技指数上涨4.3%，反映出对中国人工智能进步的乐观情绪，以及在特朗普总统与Xi周五通话前缓解与美国贸易紧张局势的迹象。香港领导人John Lee在其2025年施政报告中承诺改善民生、吸引新投资、促进旅游业发展以及推进创新和科技基础设施建设后，消费股也大幅上涨。他还首次提出以人民币结算部分政府支出。蔚来汽车因稳健的销售和新SUV的计划而飙升11%，而山东高速因回购计划而上涨17.6%。其他涨幅最大的公司包括中芯国际（7.2%）、美团（5.1%）、快手科技（3.3%）和腾讯控股。 (2.6%).

The Hang Seng jumped 470 points, or 1.8%, to finish at 26,908 on Wednesday, picking up from a subdued close in the previous session and hitting its highest level since mid-July 2021 amid a widely expected Fed rate cut later today and the prospect of further easing this year. The tech index surged 4.3%, reflecting optimism over China’s AI progress and signs of easing trade tensions with the U.S. ahead of Friday's call between President Trump and Xi Jinping. Consumer shares also logged solid advances after Hong Kong leader John Lee pledged in his 2025 policy address to improve livelihoods, attract new investment, boost tourism, and push ahead with innovation and tech infrastructure. He also floated settling some government spending in yuan for the first time. Nio soared 11% on solid sales and plans for a new SUV, while Shandong Hi-Speed climbed 17.6% on a buyback plan. Other top movers included SMIC (7.2%), Meituan (5.1%), Kuaishou Tech. (3.3%), and Tencent Holdings. (2.6%).