周四，恒生指数暴跌473点，收于23238点，跌幅2.0%，这是该指数连续第三次下跌，在广泛下跌的情况下接近三周低点。由于有报道称美国高级官员正在准备对伊朗进行潜在打击，引发了人们对美国直接参与以色列-伊朗冲突的担忧，美国期货大幅下跌，市场情绪恶化。持续的关税担忧进一步加剧了地缘政治的不确定性，美联储主席鲍威尔警告称，通胀风险仍然“有意义”。尽管市场仍预计2025年将降息两次，但美联储表示明年的降息幅度较小。在中国央行即将就关键贷款利率作出决定之前，投资者也变得谨慎起来，此前中国央行在5月份创下历史新低。中国最高立法机构可能在7月初的会议上提出新的刺激措施的希望部分抵消了损失。最大的落后者包括Pop-Mart（-5.7%）、京东健康（-5.0%）、Trip.com（-4.1%）和美团（-3.8%）。

The Hang Seng tumbled 473 points or 2.0% to close at 23,238 on Thursday, marking its third consecutive loss and moving closer to a three-week low amid broad-based declines. Sentiment soured as U.S. futures fell sharply on reports that senior American officials are preparing for a potential strike on Iran, raising fears of direct U.S. involvement in the Israel-Iran conflict. Geopolitical uncertainty was further compounded by lingering tariff concerns, with Fed Chair Powell cautioning that inflation risks remain "meaningful." While markets still expect two rate cuts in 2025, the central bank signaled fewer reductions for next year. Investors also grew cautious ahead of the PBoC’s upcoming decision on key lending rates, following a record-low cut in May. Losses were partially offset by hopes that China’s top legislature could propose fresh stimulus measures during its early July session. Biggest laggards included Pop Mart (-5.7%), JD Health (-5.0%), Trip.com (-4.1%), and Meituan (-3.8%).

6月19日，香港金融管理局（金管局）将基准利率保持在4.75%不变，反映出美国联邦储备委员会决定在特朗普总统要求降息的压力下，连续第四次将基准利率维持在4.25%-4.50%。两家央行都采取了谨慎的立场，在7月9日停战协议到期之前监测华盛顿关税的通胀影响。由于香港与美元挂钩，金管局的政策仍与美联储保持一致。香港政府警告称，贸易政策的不确定性给香港的近期经济前景蒙上了阴影。然而，中国经济的稳步增长和香港推动市场多元化将提供支持。2025年第一季度，特别行政区同比增长3.1%，为五个季度以来的最高水平，这得益于美国关税上调前强劲的旅游业和出口。

The Hong Kong Monetary Authority (HKMA) kept its base rate unchanged at 4.75% on June 19, mirroring the U.S. Federal Reserve's decision to maintain its benchmark at 4.25%–4.50% for the fourth straight meeting despite pressure from President Trump to cut rates. Both central banks are taking a cautious stance, monitoring the inflationary effects of Washington's tariffs ahead of the July 9 truce expiry. HKMA's policy remains in step with the Fed due to the Hong Kong dollar's peg to the U.S. currency. The Hong Kong government has cautioned that trade policy uncertainty clouds the city's near-term economic outlook. However, steady growth in China's economy and Hong Kong's push to diversify markets will provide support. The special administrative region expanded by 3.1% year-on-year in Q1 2025, the strongest in five quarters, boosted by strong tourism and robust exports ahead of U.S. tariff hikes.

香港股市在周四早盘交易中下跌273点，跌幅1.2%，至23438点，这是其连续第三次下跌，接近两周低点。在美联储主席鲍威尔对通胀采取谨慎态度后，美国期货价格显著下跌，随后出现抛售，尽管美联储如预期的那样连续第四次保持利率稳定。地缘政治紧张局势也打压了市场情绪，人们对美国可能直接介入中东事务的担忧加剧。损失范围广泛，消费、金融和科技股大幅下跌。北京方面承诺以稳定的方式发放剩余的消费贸易补贴，但提供的支持有限。与此同时，中国人民银行将于周四公布月度贷款最优惠利率决定，此前5月份为提振疲软的经济和缓解与美国贸易摩擦的风险而创下历史新低。主要落后者包括Smoore（-4.7%）、Trip.com（-3.5%）、中国虹桥（-2.8%）和韩生制药（-2.3%）。

Hong Kong equities dropped 273 points or 1.2% to 23,438 in Thursday morning trade, marking their third consecutive decline and moving closer to a two-week low. The sell-off followed a notable drop in U.S. futures after Fed Chair Powell struck a cautious tone on inflation, even as the central bank held rates steady for the fourth straight meeting, as expected. Geopolitical tensions also pressured sentiment, with concerns rising over potential direct U.S. involvement in the Middle East. Losses were broad-based, with sharp declines across consumer, financial, and tech stocks. Beijing’s pledge to disburse the remaining consumer trade-in subsidies in a stable manner provided limited support. Meanwhile, the PBoC will hold a monthly loan prime rate decision Thursday, after May’s record-low cuts aimed at bolstering a sluggish economy and easing risks from trade frictions with the U.S. Major laggards included Smoore (-4.7%), Trip.com (-3.5%), China Hongqiao (-2.8%), and Hansoh Pharma (-2.3%).

周三，恒生指数下跌270点，跌幅1.1%，收于23711点，连续第二个交易日下跌，因迅速解决以色列-伊朗冲突的希望破灭。美国总统特朗普对伊朗发出警告，要求无条件投降，进一步影响了市场情绪。在美联储今天晚些时候做出利率决定之前，投资者仍持谨慎态度。虽然预计连续第四次会议不会加息，但市场焦点将放在央行的“点图”上，以衡量政策制定者今年是否仍计划两次降息。与此同时，中国一年一度的金融论坛几乎没有提供新的政策信号。所有板块均下跌，房地产、科技和消费类股领跌。电动汽车制造商李汽车股价下跌4.1%，主要股东减持股份，拖累同行蔚来（-2.4%）、比亚迪（-1.3%）和吉利（-1.1%）。Perfect Medical Health股价暴跌19%，至5年低点，此前该公司预测其25财年利润将下降。相比之下，雅迪集团因强劲的盈利预期上涨2.6%。

The Hang Seng dipped 270 points or 1.1% to close at 23,711 on Wednesday, falling for the second straight session as hopes for a swift resolution to the Israel-Iran conflict faded. Sentiment was further weighed by U.S. President Trump’s warning to Iran, demanding unconditional surrender. Investors remained cautious ahead of the Fed’s interest rate decision later today. While no rate change is expected for the fourth straight meeting, market focus will be on the central bank’s “dot plot” to gauge whether policymakers still project two rate cuts this year. Meanwhile, an annual financial forum in China offered few new policy signals. All sectors retreated, with property, tech, and consumer stocks leading losses. EV maker Li Auto sank 4.1% after a key shareholder cut its stake, dragging peers Nio (-2.4%), BYD (-1.3%), and Geely (-1.1%). Perfect Medical Health plunged 19% to a 5-year low after forecasting lower FY25 profit. In contrast, Yadea Group rose 2.6% on a strong earnings forecast.