香港股市周一早盘下跌167点，跌幅0.6%，至26976点，标志着以科技股和消费股为首的大多数板块连续第二个交易日下跌。交易仍然低迷，内地股市因黄金周休市，香港定于周二休市。对美国政府长期停摆的担忧挥之不去，白宫顾问凯文·哈塞特警告说，如果特朗普总统和国会民主党人未能达成协议，大规模裁员可能会随之而来。一项私人调查显示，香港私营部门9月份连续第二个月增长，尽管增长速度较慢，但抵消了一些疲软。与此同时，高一在日本执政党竞选中获胜，使她成为下一任首相，提高了增长预期，提振了当地和亚洲市场。主要跌幅包括电动汽车制造商李汽车（-2.5%）、XPeng（-1.5%）和吉利汽车（-0.9%）。其他落后者包括UBtech Robotics（-3.6%）和Galaxy Entertainment（-2.3%）。

Shares in Hong Kong dropped 167 points, or 0.6%, to 26,976 on Monday morning deals, marking the second session of losses as most sectors, led by tech and consumer stocks, retreated. Trading remained subdued with mainland markets closed for Golden Week and Hong Kong set to shut Tuesday for a local break. Concerns lingered over the extended U.S. government shutdown, with White House adviser Kevin Hassett warning that mass layoffs could follow if President Trump and congressional Democrats fail to reach a deal. Offsetting some weakness, a private survey showed Hong Kong’s private sector grew for the second month in September, albeit at a slower pace. Meanwhile, Sanae Takaichi’s win in Japan’s ruling party race positions her as the next prime minister, boosting growth expectations and lifting local and Asian markets. Key decliners included EV makers Li Auto (-2.5%), XPeng (-1.5%), and Geely Auto (-0.9%). Other laggards included UBtech Robotics (-3.6%) and Galaxy Entertainment (-2.3%).

标普全球香港特别行政区采购经理人指数从8月的50.7降至2025年9月的50.4，表明香港私营部门经济健康状况持续但略有改善。这标志着经济扩张的第二个月，产出增长速度略快，为去年11月以来最快。与此同时，新订单略有下降，收缩率与8月份持平。外部需求仍然疲软，对中国大陆和海外的销售明显下降。积压的工作略有减少，而就业水平大致稳定。采购活动继续下降，但速度为七个月来最慢。在价格方面，由于原材料和劳动力成本上涨，整体投入成本以2023年11月以来的最快速度上涨。产出价格也有所上涨，但收费通胀率只是微不足道。展望未来，企业普遍悲观，尽管悲观程度是2023年11月以来最低的。

The S&P Global Hong Kong SAR PMI edged down to 50.4 in September 2025 from 50.7 in August, signaling a sustained but slightly softer improvement in the health of Hong Kong’s private sector economy. This marked the second month of expansion, as output rose at a slightly stronger pace—the fastest since last November. Meanwhile, new orders declined marginally, with the rate of contraction unchanged from August. External demand remained subdued, with sales to Mainland China and overseas falling markedly. Backlogs of work decreased modestly, while employment levels were broadly stable. Purchasing activity continued to fall, though at the slowest pace in seven months. On prices, overall input costs rose at the fastest rate since November 2023, driven by higher raw material and labor costs. Output prices were also raised, but the rate of charge inflation was only fractional. Looking ahead, firms were broadly downbeat, though the degree of pessimism was the least severe since November 2023.

周五，恒生指数下跌146点，跌幅0.5%，收于27141点，在经历了三个交易日的上涨后，从四年高点回落，因为交易员在自5月以来连续五个月上涨后获利回吐。市场情绪也受到美国政府关门的不安情绪的打击，美国政府关门已经停止了许多官方活动，包括原定于今天发布的就业报告，市场准备关闭至下周。由于内地市场一直关闭到10月8日，交易也受到抑制。跌幅广泛，科技股权重最大，其中快手科技（-3.8%）、Trip.com（-2.0%）和阳光光学（-0.8%）领跌。尽管如此，受近期华尔街创纪录高点和本月晚些时候全会前中国股市看涨势头的推动，该市股市本周上涨3.9%。与此同时，美国财政部长贝森特预计，即将举行的美中贸易谈判将取得“相当大的突破”，10月底可能在韩国举行特朗普-Xi会议。

The Hang Seng slipped 146 points, or 0.5%, to close at 27,141 on Friday, pulling back from a four-year high after three sessions of gains, as traders took profits following five straight monthly rises since May. Sentiment was also hit by jitters over the U.S. government shutdown, which has halted many official activities, including the jobs report originally due today, with markets bracing for closures lasting into next week. Trading was also subdued as mainland markets remained shut until Oct. 8. Losses were broad-based, with tech stocks weighing most, led by Kuaishou Tech. (-3.8%), Trip.com (-2.0%), and Sunny Optical (-0.8%). Still, markets in the city jumped 3.9% for the week, buoyed by recent Wall Street’s record highs and bullish momentum in Chinese stocks ahead of a plenum later this month. Meanwhile, U.S. Treasury Secretary Bessent expects a “pretty big breakthrough” at the upcoming U.S.-China trade talks, with a potential Trump-Xi meeting in South Korea at the end of October.

香港股市周五上午下跌223点，跌幅0.8%，至27067点，结束了连续三个交易日的上涨势头，并从四年高点回落。获利回吐拖累所有行业，而在周四美国政府停摆的第二天，谨慎情绪有所上升。市场预计关闭至少会持续到下周，这可能会推迟月度就业报告等关键经济数据。与此同时，大陆股市仍因黄金周休市。主要下跌股包括电动汽车股XPeng（-4.4%）、李汽车（-3.7%）和吉利汽车（-1.7%），以及快手科技（-4.1%）、混合动力集团（-3.0%）和招金矿业（-2.1%）。尽管周五有所下跌，但市场将出现强劲的周涨幅，迄今为止上涨约3.7%，这得益于最近华尔街创纪录的高点、对美联储进一步降息的希望以及中国央行承诺协调财政政策以促进中国经济增长。在数据方面，8月份香港零售额同比增长3.2%，为2023年12月以来的最强劲增长。

Hong Kong stocks fell 223 points, or 0.8%, to 27,067 on Friday morning, ending a three-session winning streak and retreating from a four-year high. Profit-taking weighed on all sectors, while caution grew amid a second day of the U.S. government shutdown Thursday. Markets expect the closure to last at least until next week, potentially delaying key economic data such as the monthly jobs report. Meanwhile, mainland markets remained closed for Golden Week. Major decliners included EV stocks XPeng (-4.4%), Li Auto (-3.7%), and Geely Auto (-1.7%), alongside Kuaishou Tech (-4.1%), Mixue Group (-3.0%), and Zhaojin Mining Industry (-2.1%). Despite Friday’s drop, markets are set for a robust weekly gain, up about 3.7% so far, lifted by recent Wall Street record highs, hopes for further Fed rate cuts, and the PBoC’s pledge to coordinate fiscal policy to boost China's economic growth. On the data front, Hong Kong retail sales rose 3.2% yoy in August, the strongest pace since December 2023.