周五，恒生指数上涨212点，涨幅0.8%，收于25317点，较前一交易日的下跌有所回升，中国内地股市因科技乐观情绪再次高涨而创下十年新高。周四，DeepSeek推出升级版V3 AI模型后，恒生科技指数飙升2.7%，随着北京发展芯片自给自足，该模型得到了国内半导体的支持。在7月份中国经济活动放缓的迹象出现后，消费者股也大幅上涨，寄希望于北京方面出台新的刺激措施。在当地，香港7月份的年度通胀率降至1.0%的4年低点，这是连续第三个月放缓。官员们指出，该市的成本压力保持稳定，预计通胀在短期内将保持温和。涨幅较大的公司包括中芯国际（9.7%）、比亚迪电子（5.9%）、地平线机器人（4.9%）、快手科技（4.3%）和小米公司（2.1%）。本周，该指数上涨0.3%，连续第三周上涨。

The Hang Seng climbed 212 points or 0.8% to close at 25,317 on Friday, rebounding from the prior session’s losses as mainland Chinese markets hit a decade high on renewed tech optimism. The Hang Seng Tech Index surged 2.7% after DeepSeek unveiled an upgraded V3 AI model on Thursday, with support from domestic semiconductors as Beijing develops chip self-sufficiency. Consumer shares also rose sharply on hopes of fresh stimulus from Beijing after signs of slowing Chinese activity in July. Locally, Hong Kong’s annual inflation eased to a 4-year low of 1.0% in July, the third straight month of slowdown. Officials noted cost pressures in the city remained stable and expected inflation to stay subdued in the near term. Notable gainers included SMIC (9.7%), BYD Electronic (5.9%), Horizon Robotics (4.9%), Kuaishou Tech (4.3%), and Xiaomi Corp. (2.1%). For the week, the index added 0.3%, extending gains for the third successive week.

香港股市周五早盘上涨89点，涨幅0.3，至25191点，受大多数板块涨幅支撑。尽管华尔街隔夜疲软，但市场从前一交易日的下跌中复苏，因为投资者谨慎地等待美联储主席鲍威尔在杰克逊霍尔的演讲。在中国经济7月份放缓后，市场对北京出台新刺激措施的希望也有所改善。从9月开始，中国政府将推出为期一年的消费贷款补贴，涵盖90%的利息成本，其余由地方当局提供资金。在当地，香港7月份的年通胀率达到1.0%的4年低点，标志着经济放缓的第三个月。中芯国际上涨5.9%，其次是无锡生物制品（2.9%）、快手科技（2.8%）和小米公司（2.0%）。然而，由于香港失业率在截至7月的三个月内攀升至3.7%，创下2-1/2年来的最高水平，恒生指数将出现三年来的首次单周下跌，迄今下跌约0.4%。

Hong Kong stocks increased 89 points or 0.3 to 25,191 in early trade on Friday, supported by gains across most sectors. The market recovered from the prior session’s losses despite overnight weakness on Wall Street, as investors cautiously awaited Fed Chair Powell’s speech at Jackson Hole. Sentiment also improved on hopes of fresh stimulus from Beijing after China’s economy slowed in July. Starting in September, the Chinese government will launch a one-year consumer loan subsidy, covering 90% of interest costs, with local authorities funding the rest. Locally, Hong Kong’s annual inflation hit a 4-year low of 1.0% in July, marking a third month of slowdown. SMIC gained 5.9%, followed by Wuxi Biologics (2.9%), Kuaishou Tech. (2.8%), and Xiaomi Corp. (2.0%). However, the Hang Seng is set for its first weekly loss in three, down about 0.4% so far, due to a rising jobless rate in Hong Kong that climbed to 3.7% in the three months through July, the highest in 2-1/2 years.

香港的年通胀率从上月的1.4%降至2025年7月的1.0%，这是自2021年6月以来的最慢速度。房价放缓的原因是住房（6月份为1.8%对2.8%）、交通（1.4%对1.9%）、杂项商品（0.3%对1.3%）以及电力、天然气和水（0.7%对1.6%）的价格涨幅放缓。相比之下，食品（0.8%对0.7%）、酒精饮料和烟草（1.7%对1.4%）的价格上涨更快，而耐用品（-2.3%对-2.5%）、服装和鞋类（-3.3%对-4.1%）的价格下跌有所缓解。7月份消费者价格环比上涨0.6%，为一年来最快增速，此前6月份持平。

The annual inflation rate in Hong Kong eased to 1.0% in July 2025 from 1.4% in the previous month, marking the slowest pace since June 2021. The moderation was driven by softer price gains in housing (1.8% vs 2.8% in June), transport (1.4% vs 1.9%), miscellaneous goods (0.3% vs 1.3%), and electricity, gas, and water (0.7% vs 1.6%). In contrast, prices rose faster in food (0.8% vs 0.7%) and alcoholic drinks and tobacco (1.7% vs 1.4%), while declines eased in durable goods (-2.3% vs -2.5%) and clothing and footwear (-3.3% vs -4.1%). On a month-over-month basis, consumer prices increased by 0.6% in July, the fastest pace in a year, following a flat reading in June.

周四，恒生指数下跌61点，跌幅0.24%，收于25105点，扭转了早些时候的涨势。随着美国期货价格下跌，市场情绪减弱，此前联邦公开市场委员会会议纪要显示，在美联储杰克逊霍尔研讨会之前，通胀风险持续存在，市场态度强硬。鲍威尔主席还提到不愿降息，并警告今年夏天关税驱动的价格压力。与此同时，路透社报道称，中国正在考虑允许人民币支持的稳定币促进全球货币采用，这可能是其数字资产立场的转变。科技股和消费股下跌，在香港7月通胀数据将于当天晚些时候公布之前，投资者持谨慎态度。华润电力股价下跌近6%，至4个半月以来的低点，原因是上半年盈利和股息计划疲软，而百度股价下跌2.6%，原因是收入下降。其他值得注意的下跌股包括老蒲黄金（-4.0%）、美团（-3.0%）和小米公司（-2.3%）。

The Hang Seng slipped 61 points or 0.24% to close at 25,105 on Thursday, reversing earlier gains after a subdued start. Sentiment weakened as U.S. futures dipped, following FOMC minutes that signaled a hawkish tone amid persistent inflation risks ahead of the Fed’s Jackson Hole symposium. Chair Powell also cited reluctance to cut interest rates, warning of tariff-driven price pressures this summer. Meanwhile, Reuters reported China is considering allowing yuan-backed stablecoins to boost global currency adoption, a potential shift in its digital asset stance. Tech and consumer stocks drove losses, with investors cautious ahead of Hong Kong’s July inflation data due later in the day. China Resources Power tumbled nearly 6% to a 4-1/2-month low on softer H1 earnings and dividend plans, while Baidu fell 2.6% on a revenue miss. Other notable decliners included Laopu Gold (-4.0%), Meituan (-3.0%), and Xiaomi Corp. (-2.3%).