恒生指数周五上涨301点，涨幅1.2%，至26387点，为2021年8月以来的第六个交易日。该指数本周飙升3.8%，为3月以来最强劲的单周涨幅，华尔街创下历史新高，因为美国失业救济申请人数的增加加强了对美联储下周降息的押注，到年底可能会有更多的宽松政策。美国财政部长Scott Bessent下周将在马德里会见中国副总裁何立峰，继续就贸易、经济和安全问题进行会谈，这增加了乐观情绪。然而，在下周公布的中国8月经济活动数据公布之前，谨慎态度限制了进一步的走强。科技股领涨，受人工智能乐观情绪的提振，而消费者和房地产股上涨，因为北京方面采取行动帮助地方政府支付未付账单。阿里巴巴（Alibaba）和百度（Baidu）在发布了内部开发的用于训练人工智能模型的芯片后大幅上涨，减少了对英伟达（Nvidia）的依赖。其他涨幅最大的公司包括中国虹桥（6.1%）、阿克苏（6.0%）和招金矿业（4.3%）。

The Hang Seng climbed 301 points, or 1.2%, to 26,387 on Friday, rising for the sixth session to its highest since August 2021. The index surged 3.8% for the week, its strongest weekly rise since March, amid Wall Street's record highs as rising US jobless claims reinforced bets of a Fed rate cut next week, with more easing likely through year-end. Adding to the bullish mood, US Treasury Secretary Scott Bessent will meet Chinese VP He Lifeng in Madrid next week to continue talks on trade, economic, and security issues. However, further strength was limited by caution ahead of China's activity data for August, set to be due next week. Tech shares led the gains on renewed AI optimism, while consumer and property stocks rose as Beijing moves to help local governments cover unpaid bills. Alibaba and Baidu jumped after unveiling internally developed chips to train AI models, reducing reliance on Nvidia. Other top movers included China Hongqiao (6.1%), Akeso (6.0%), and Zhaojin Mining (4.3%).

香港股市在周五上午的交易中飙升375点，至26405点，涨幅1.4%，扭转了前一交易日的跌幅，创下四年多来的最高纪录。此次反弹基础广泛，追随全球反弹，此前华尔街标准普尔500指数周四创下第三个收盘纪录，此前美国失业救济申请人数高于预期，巩固了下周美联储降息的押注，并在年底前进一步放松。本周，恒生指数上涨约4%，将连续第二周上涨，原因是有报道称，北京可能会指示国有银行帮助地方政府支付未付账单。然而，由于担心美国可能会限制中药并加强对实验药物许可协议的监督，涨幅受到限制。阿里巴巴香港股价上涨7%，百度股价飙升近4%，此前两家公司都开始使用内部设计的芯片来训练人工智能模型，从而减少了对英伟达的依赖。其他涨幅最大的公司包括中国虹桥（4.6%）、XPeng（2.8%）和Pop-Mart International（2.7%）。

Hong Kong shares surged 375 points, or 1.4%, to 26,405 on Friday morning's trade, reversing losses in the prior session and hitting their highest in over four years. The rally was broad-based, tracking a global rally after Wall Street’s S&P 500 notched a third record close Thursday following higher-than-expected US jobless claims that solidified bets of a Fed rate cut next week, with more easing through year-end. For the week, the Hang Seng is up about 4%, set for a second straight weekly gain, lifted by a report that Beijing may direct state banks to help local governments cover unpaid bills. However, gains were capped by concerns that the U.S. could restrict Chinese medicines and tighten oversight of licensing deals for experimental drugs. Alibaba Hong Kong jumped 7% and Baidu soared almost 4% after both firms began using internally designed chips to train AI models, reducing reliance on Nvidia. Other top movers included China Hongqiao (4.6%), XPeng (2.8%), and Pop Mart Intl. (2.7%).

周四，恒生指数下跌114点，跌幅0.4%，收于26086点，结束了四天的上涨，并在广泛的板块下跌中从四年高点回落。在《纽约时报》报道美国可能对中药实施限制并加强对实验药物许可协议的审查后，市场情绪有所减弱。医药股领跌，汉索制药暴跌8.3%，中海壳牌制药（-7.1%）、股份有限公司（-4.7%）和无锡生物（-4.7%的）紧随其后。其他明显的落后者包括美团（-4.6%）、李汽车（-2.9%）和吉利汽车（-1.1%）。尽管如此，彭博新闻社表示，中国可能会通过指示国有银行发放贷款以支付未付账单来支持地方政府，从而提振内地股市，这在一定程度上减少了损失。与此同时，美国期货小幅走高，疲软的生产者价格数据加强了对美联储今年进一步降息的押注，最早将于下周降息25个基点。在欧洲，预计欧洲央行将在今天晚些时候的第二次会议上保持利率不变。

The Hang Seng slipped 114 points or 0.4% to close at 26,086 on Thursday, snapping four-day advances and retreating from its four-year high amid broad sector losses. Sentiment weakened after the New York Times reported the U.S. may impose curbs on Chinese medicines and tighten scrutiny of licensing deals for experimental drugs. Pharma stocks led declines, with Hansoh Pharma plunging 8.3%, followed by CSPC Pharma (-7.1%), Akeso Inc. (-4.7%), and Wuxi Biologics (-4.7%). Other notable laggards included Meituan (-4.6%), Li Auto (-2.9%), and Geely Auto (-1.1%). Still, losses were partly pared after Bloomberg News said China may support local governments by directing state banks to extend loans to cover unpaid bills, boosting mainland stocks. Meanwhile, U.S. futures edged higher as soft producer price data strengthened bets on more Fed rate cuts this year, with a 25bps reduction as early as next week. In Europe, the ECB is expected to keep rates unchanged for a second meeting later today.

香港股市在周四早盘交易中下跌247点，跌幅0.9%，至25953点，打破了连续四天的上涨势头，因为广泛的下跌将市场从四年高点拉回。周三反弹后，交易员获利回吐，这是由于预计美国最早将于下周降息。在今天晚些时候公布美国CPI数据之前，人们也普遍持谨慎态度。在中国，通缩压力挥之不去，8月份消费者价格创下自2月份以来的最大跌幅，出厂价格连续第35个月收缩。在有吸引力的估值和稳定的资金流入的帮助下，对内地市场将在短期内保持看涨势头的乐观情绪部分抵消了损失。阿里巴巴股价下跌1.0%，此前该公司计划通过零息可转换债券筹集约32亿美元。医药类股表现最差，其中汉生制药（-8.7%）、中生制药（-6.7%），无锡生物制品（-6.6.7%）和信达生物制品（-4.4%）领跌。

Hong Kong stocks fell 247 points or 0.9% to 25,953 in Thursday morning trade, breaking a four-day winning streak as broad-based losses pulled the market back from its four-year high. The weakness came as traders took profits following Wednesday’s rally, which had been fueled by expectations of a U.S. rate cut as early as next week. Caution also prevailed ahead of U.S. CPI data due later today. In China, deflationary pressures lingered, with August consumer prices recording the sharpest drop since February and factory-gate prices contracting for a 35th straight month. Losses were partly offset by optimism that mainland markets will maintain a bullish momentum in near term, helped by attractive valuations and solid inflows. Alibaba eased 1.0% after planning to raise about USD 3.2 billion through a zero-coupon convertible bond. Pharma stocks were among top laggards, with Hansoh Pharma (-8.7%), Sino Biopharma (-6.7%), Wuxi Biologics (-6.7%), and Innovent Biologics (-4.4%) leading falls.