周四，受科技股、消费股和房地产股下跌的影响，恒生指数小幅下跌22点，跌幅0.1%，收于25888点。市场扭转了周三的涨势，因为投资者谨慎地等待着10月20日至23日的中国第四次全体会议，该会议将概述2026-2030年五年计划，以及下周的关键经济数据，包括9月工业产出、零售额、第三季度国内生产总值和每月的贷款优惠利率。交易员基本上忽视了美国财政部长斯科特·贝森特的言论，贝森特表示，如果北京取消新的稀土出口管制，华盛顿可能会将暂停征收中国进口关税的时间延长三个月以上。蔚来汽车股价暴跌超过13%，随后在新加坡政府投资公司的诉讼中减少了损失，而小米（-3.8%）、XPeng（-3.5%）和中芯国际（-2.6%）也拖累了基准指数。相比之下，金融板块在板块轮动中继续上涨，提振中国人寿保险（5.1%）、平安保险（1.5%）和中国银行香港（1.3%）。

The Hang Seng edged down 22 points, or 0.1%, to close at 25,888 on Thursday, weighed by losses in tech, consumer, and property shares. Markets reversed Wednesday’s rally as investors cautiously awaited China’s fourth plenum from Oct. 20-23, which will outline the 2026–2030 five-year plan, alongside key economic data next week, including September industrial output, retail sales, Q3 GDP, and the monthly loan prime rate fixing. Traders largely ignored remarks from U.S. Treasury Secretary Scott Bessent, who suggested Washington could extend a pause on Chinese import duties beyond three months if Beijing cancels new rare-earth export controls. Nio shares tumbled over 13% before trimming losses amid a lawsuit from Singapore’s GIC, while Xiaomi (-3.8%), XPeng (-3.5%), and SMIC (-2.6%) also burdened the benchmark index. In contrast, financials extended gains amid sector rotation, boosting China Life Insurance (5.1%), Ping An Insurance (1.5%), and Bank of China Hong Kong (1.3%).

香港股市周四早盘几乎没有变化，在周三反弹后徘徊在25895点左右。金融股小幅上涨，而房地产和科技股的疲软限制了整体势头。投资者正关注下周中国的关键数据，包括9月工业产出、零售额、第三季度国内生产总值和月度贷款最优惠利率。与此同时，中国9月份的CPI和PPI继续突显出持续的通货紧缩风险。在全球范围内，美国期货受到抑制，因为交易员权衡了强劲的收益与不断加剧的美中贸易紧张局势。与此同时，美国财政部长斯科特·贝森特建议，如果北京停止新的稀土出口管制，中国可能会延长暂停进口关税的时间。黄金相关股上涨，老铺黄金（6.2%）、紫金国际黄金（3.3%）和织金矿业（1.9%）领涨，而新鸿基地产（-3.0%）、小米（-2.8%）和XPeng（-2.6%）拖累市场下跌。

Hong Kong stocks were little changed on Thursday morning trade, hovering around 25,895 after Wednesday’s rally. Financials saw modest gains, while weakness in property and tech capped broader momentum. Investors are eyeing key Chinese data next week, including September industrial output, retail sales, Q3 GDP, and the monthly loan prime rate fixing. Meantime, China’s September CPI and PPI continued to highlight persistent deflation risks. Globally, U.S. futures were subdued, as traders weighed strong earnings against rising U.S.-China trade tensions. Meanwhile, U.S. Treasury Secretary Scott Bessent suggested a possible extension of Chinese import duty pauses if Beijing halts new rare-earth export controls. Gold-related shares advanced, led by Laopu Gold (6.2%), Zijin Gold Intl. (3.3%), and Zhijin Mining (1.9%), while Sun Hung Kai Properties (-3.0%), Xiaomi (-2.8%), and XPeng (-2.6%) dragged the market lower.

周三，恒生指数飙升469点，涨幅1.8%，收于25911点，结束了连续七个交易日的下跌。在美联储主席鲍威尔发表鸽派言论后，市场情绪有所回升，乐观的美国银行盈利提振了全球风险偏好。在北京重申其2026-2030五年计划中提振国内消费的计划后，逢低买盘和乐观情绪推动各行业普遍上涨。科技股和消费类股均上涨超过2%，金融股走强，房地产股小幅上涨。然而，在9月份CPI低于预期后，中国持续的通货紧缩风险限制了进一步的涨幅。强生环球快递股价上涨5.8%，因对其平台-中和战略持乐观态度，而宣竹生物制药在香港上市时飙升至167%。商汤科技集团宣布与Cambricon建立人工智能合作伙伴关系后上涨5%。其他推动因素包括老蒲黄金（9.1%）、万象城集团（6.1%）、京东健康（6.0%）、吉利汽车（4.0%）和普玛特国际（3.7%）。

The Hang Seng surged 469 points, or 1.8%, to finish at 25,911 on Wednesday, snapping a seven-session losing streak. Sentiment recovered after dovish remarks from Fed Chair Powell, and upbeat U.S. bank earnings lifted global risk appetite. Gains were broad-based across sectors, driven by bargain hunting and optimism after Beijing reaffirmed plans to boost domestic consumption in its 2026–2030 five-year plan. Tech and consumer stocks each climbed over 2%, while financials strengthened and property shares rose modestly. However, further gains were capped by persistent deflation risks in China after September’s CPI came in weaker than expected. J&T Global Express jumped 5.8% on optimism over its platform-neutral strategy, while Xuanzhu Biopharma soared up to 167% in its Hong Kong debut. SenseTime Group rose 5% after announcing an AI partnership with Cambricon. Other movers included Laopu Gold (9.1%), Mixue Group (6.1%), JD Health (6.0%), Geely Auto (4.0%), and Pop Mart Intl. (3.7%).

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Equities in Hong Kong jumped 334 points, or 1.3%, to 25,774 around noon on Wednesday, snapping a seven-session losing streak amid broad strength across sectors. Traders engaged in bargain hunting in consumer, tech, and financial shares after Chinese Premier Li Qiang Tuesday renewed calls to boost consumption and reiterated Beijing’s push to curb disorderly competition. Meanwhile, U.S. futures rose modestly as Federal Reserve Chair Jerome Powell’s comments fueled bets on an interest rate cut later this month. Further gains were capped, however, by deflation concerns after September data showed consumer prices in China fell 0.3% yoy, steeper than expectations of a 0.1% drop, while producer prices contracted 2.3%, the smallest decline in seven months but marking a third straight year of contraction. Sunac China Holdings surged 3.9% on creditor approval of its restructuring plan. Other top movers included Mixue Group (6.7%), Laopu (6.6%), Pop Mart Intl. (4.1%), and JD Health Intl. (3.6%).