香港的商业信心从上一季度的-8升至2025年第四季度的-2。2025年第四季度，预计业务状况会改善的受访者比例上升至13%（第三季度为10%），而预计情况会恶化的受访者比例下降至15%（第三季为18%）。金融和保险（13比11）、房地产（7比3）的信心增强，住宿和餐饮服务（10比-16）和零售（14比-14）的信心转为积极。市场情绪也有所改善，但进出口贸易和批发（-11 vs-18）、运输、仓储和快递服务（-11 vs-31）以及专业和商业服务（-9 vs-14）仍为负面。相比之下，制造业（-15 vs-2）、信息和通信（-16 vs-9）和建筑业（-24 vs-22）的情绪进一步减弱，反映出特定行业的持续挑战。

Business confidence in Hong Kong rose to -2 in the fourth quarter of 2025 from -8 in the previous quarter. The share of respondents expecting business conditions to improve rose to 13% in Q4 2025 (vs 10% in Q3), while those anticipating worse conditions declined to 15% (vs 18% in Q3). Confidence strengthened in financing and insurance (13 vs 11), real estate (7 vs 3), and turned positive in accommodation and food services (10 vs -16) and retail (14 vs -14). Sentiment also improved though remained negative in import/export trade and wholesale (-11 vs -18), transportation, storage and courier services (-11 vs -31), and professional and business services (-9 vs -14). In contrast, sentiment weakened further in manufacturing (-15 vs -2), information and communications (-16 vs -9), and construction (-24 vs -22), reflecting continued sector-specific challenges.

恒生指数周五上涨192点，涨幅0.7%，收于26160点，延续了前一交易日的涨幅。这一增长是在上海股市达到10年高点之后出现的，这得益于强劲的资金流入和中国在全会结束时承诺在未来五年内提高家庭消费在GDP中的份额。政策制定者还重申了他们实现2025年经济目标和支持技术自力更生的承诺。科技、消费和房地产股领涨，涨幅广泛。中芯国际股价上涨7.4%，紧随其后的是地平线机器人（6.1%）、中国虹桥集团（4.1%）和Trip.com（3.3%）。本周，该指数上涨3.6%，为三周来首次上涨，这得益于特朗普总统下周将在韩国会见中国领导人Xi后，中美贸易紧张局势得到缓解。与此同时，人们普遍预计美联储将在下周和12月再次降息。然而，香港股市的进一步上涨受到9月贸易和第三季度GDP数据前的谨慎影响。

The Hang Seng rose 192 points, or 0.7%, to finish at 26,160 on Friday, extending gains from the prior session. The increase came after Shanghai shares hit a 10-year peak, on strong inflows and China’s pledge at the conclusion of a plenum to boost the household consumption’s share in GDP over the next five years. Policymakers also reaffirmed their commitment to meet 2025 economic targets and support tech self-reliance. Gains were broad-based, led by tech, consumer, and property stocks. SMIC jumped 7.4%, followed by Horizon Robotics (6.1%), China Hongqiao Group (4.1%), and Trip.com (3.3%). For the week, the index climbed 3.6%, its first rise in three weeks, boosted by easing Sino-U.S. trade tensions after confirmation that President Trump will meet Chinese leader Xi Jinping in South Korea next week. Meantime, the U.S. Fed is widely expected to cut rates next week and again in December. Further gains in Hong Kong, however, were tempered by caution ahead of September trade and Q3 GDP data.

香港股市在周五早盘上涨175点，涨幅0.7%，至26146点，延续了前一交易日的涨幅，各板块普遍上涨。白宫确认美国总统特朗普将于10月30日会见中国领导人Xi，缓解了近期贸易紧张局势后的担忧，市场情绪增强。中国还表示，何立峰副总裁将从今天开始会见美国财政部长贝森特和贸易代表格里尔。在大陆，在共产党承诺提振内需、改善民生和促进技术自力更生后，股市连续第二个交易日上涨。当地数据显示，香港9月份的年通胀率稳定在1.1%，官员们注意到价格稳定，未来通胀温和。强劲上涨的股票包括中国虹桥（4.5%）、金沙中国（4.4%）和美团（4.1%）。每周，市场将出现三年来的首次上涨，迄今为止上涨约3.5%，这得益于对美国利率下降的乐观情绪。

Hong Kong shares rose 175 points, or 0.7%, to 26,146 in early Friday trade, extending gains from the prior session amid broad gains across sectors. Sentiment strengthened after the White House confirmed that U.S. President Trump will meet Chinese leader Xi Jinping on Oct. 30, easing concerns following recent trade tensions. China also said that VP He Lifeng will meet with U.S. Treasury Secretary Bessent and Trade Representative Greer starting today. On the mainland, equities rose for a second session after the Communist Party pledged to boost domestic demand, improve livelihoods, and promote technological self-reliance. Locally, data showed Hong Kong’s annual inflation held steady at 1.1% in September, with officials noting price stability and modest inflation ahead. Solid gainers included China Hongqiao (4.5%), Sands China (4.4%), and Meituan (4.1%). Weekly, the market is set for the first increase in three, jumping around 3.5% so far, buoyed by optimism of lower U.S. interest rates.

2025年9月，香港的年通胀率稳定在1.1%，与上月持平。这种稳定反映了酒精饮料和烟草（8月份为2.0%对1.8%）、杂项商品（0.4%对0.1%）和杂项服务（1.6%对1.5%）的价格上涨加快，但被运输（2.2%对2.5%）、电力、天然气和水（0.4%对0.6%）的增长放缓以及服装和鞋类（-3.7%对-2.8%）的急剧下降所抵消。与此同时，住房（稳定在1.7%）、食品（0.8%）和耐用品（-3.1%）基本保持不变。9月份消费者价格环比上涨0.1%，与8月份持平。

Hong Kong’s annual inflation held steady at 1.1% in September 2025, matching the pace in the previous month. The stability reflected faster price rises in alcoholic drinks and tobacco (2.0% vs 1.8% in August), miscellaneous goods (0.4% vs 0.1%), and miscellaneous services (1.6% vs 1.5%), which were offset by slower growth in transport (2.2% vs 2.5%), electricity, gas, and water (0.4% vs 0.6%), and a steeper decline in clothing and footwear (-3.7% vs -2.8%). Meanwhile, housing (stable at 1.7%), food (0.8%), and durable goods (-3.1%) remained largely unchanged. On a month-over-month basis, consumer prices rose 0.1% in September, unchanged from August.